Iraq continues to be South Korea’s fourth-largest oil supplier

Baghdad (IraqiNews.com) – Iraq was the fourth largest crude oil supplier to South Korea in the first half of 2026, accounting for 7.4 percent of the country’s total oil imports.

According to the Korea Petroleum Association (KPA) and the Korea National Oil Corporation, South Korea imported 467.12 million barrels of crude oil in the first half of the year, an eight percent decline compared to the same period in 2025.

However, the value of the country’s oil imports increased by 8.1 percent to $41.36 billion as global oil prices surged, local news outlet Shafaq News reported.

Saudi Arabia was the largest supplier of oil to South Korea, making up 30.5 percent of the country’s total oil imports. The United States followed with over 20 percent of South Korea’s crude oil imports.

Oil supplies from the United Arab Emirates accounted for 15.1 percent of South Korea’s oil imports.

The figures indicate a notable shift in South Korea’s oil supplies, with Middle Eastern oil falling from 68.7 percent to 62.3 percent throughout the time. This shift is basically due to the effects of the closure of the Strait of Hormuz, which caused interruptions in oil supplies worldwide.

Iraq’s average oil shipments to South Korea totaled 113.7 million barrels in 2025, which is an average of 311,500 barrels per day. This represents a 12 percent increase compared to 2024.