Shafaq News- Baghdad/ Seoul
South Korea's crude oil imports from Iraq fell 80.1%year-on-year in May, as Seoul accelerated efforts to diversify its energysupplies away from the Middle East, according to data released by the KoreaNational Oil Corporation (KNOC).
South Korea imported 2.146 million barrels of Iraqicrude in May, down from 10.778 million barrels in the same month of 2025.Imports also fell 62.2% from April, reflecting a sharp decline in Iraqishipments to the South Korean market.
Iraq ranked sixth among South Korea's crude suppliersin May, behind Saudi Arabia (18.839 million barrels), the United States (15.020million), the United Arab Emirates (13.151 million), Algeria (3.644 million),and Qatar (2.782 million), while remaining ahead of Kazakhstan (2.082 million).
During the first five months of 2026, South Koreaimported 31.992 million barrels of Iraqi crude, down 29.9% from the same perioda year earlier.
KNOC attributed the decline to Seoul's strategy ofdiversifying energy imports and reducing its reliance on Middle Eastern crudeamid regional instability. South Korea has increased purchases from the UAE,Algeria, Canada, and African producers through alternative shipping routes thatbypass the Strait of Hormuz. The report also said Seoul plans to raise importsof Canadian crude to 16 million barrels this year, with a long-term goal ofincreasing annual imports to 20 million barrels.