South Korea is exploring the possibility of importing more oil and gas from the United States to diversify its energy sources and ensure a stable supply, following rising tensions in the Middle East, according to Industry Minister Ahn Duk-geun.
Speaking to reporters in Seoul on Thursday, Ahn stated that the government may need to provide additional support for purchasing oil from outside the Middle East.
This move comes as U.S. President-elect Donald Trump, who is set to take office on Jan. 20, has promised to impose a 10% tariff on global imports into the U.S. and urged the European Union to increase oil and gas imports from the U.S. or face tariffs on its exports, including cars and machinery.
In 2024, South Korea achieved a record $55.7 billion trade surplus with the U.S., a 25.4% increase from the previous year. South Korea is the world’s fourth-largest buyer of crude oil and the third-largest importer of liquefied natural gas (LNG).
South Korea has become increasingly dependent on crude oil from the Middle East, which accounted for 72% of its total oil imports in 2023, up from 60% in 2021, according to the country’s energy ministry.
For LNG, South Korea imported 47.2 million metric tons of the fuel in 2024, with 5.7 million metric tons coming from the U.S., data from analytics firm Kpler shows.
Other countries that import LNG, such as Vietnam, may also look to buy from the U.S. to reduce their trade surplus with the world’s largest economy, according to a senior diplomat based in Hanoi.
The U.S. remains the world’s leading exporter of LNG.
Sources also revealed that Trump plans to make it easier for certain LNG producers to renew export permits. His nominee to head the U.S. Energy Department has stated that expanding domestic energy production, including LNG, will be a top priority.
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