Rising tensions between Iran and the United States are unsettling global fuel markets, causing major disruptions to supply chains. In response, South Korea has turned to two North African countries Algeria and Libya as alternative sources for crude oil imports.
Countries heavily dependent on Middle Eastern oil are urgently exploring new supply routes, especially as the Strait of Hormuz through which about 20% of global oil passes remains significantly disrupted.
This situation has pushed South Korea, one of the nations most exposed to such shocks, to seek supply options from African producers like Algeria and Libya.
According to reports by The Korea Herald, a senior South Korean envoy engaged with officials in both Algeria and Libya to negotiate fresh crude oil and naphtha supply agreements.
Park Jong-han, the country’s Deputy Foreign Minister for Economic Affairs, held talks with government representatives and energy stakeholders during his recent visits to the two nations.
These engagements form part of Seoul’s broader strategy to diversify its energy mix and reduce reliance on the Middle East.
During discussions with National Oil Corporation, attention centred on the potential purchase of Libyan heavy crude by South Korean companies.
Both parties also explored arrangements that could allow a portion of Libya’s oil production to be shipped directly to South Korea.
The National Oil Corporation expressed readiness to supply South Korea, provided key conditions such as crude quality, delivery schedules, and buyer reliability are satisfied, according to the foreign ministry.
Despite being fully dependent on imported crude, South Korea has built a strong position as a major exporter of refined petroleum products.
By leveraging advanced refining capabilities, the country processes imported oil and re-exports finished fuels across the Asia-Pacific region.
Throughout the meetings, Park stressed that a stable crude supply is essential not only for domestic energy security but also for maintaining South Korea’s competitive edge in regional oil markets.