Shafaq News..Iraq claims fourth spot in H1 2026 South Korea oil supply

Shafaq News- Baghdad/ Seoul

Iraq ranked fourth among
South Korea’s crude oil suppliers in the first half of 2026, with shipments
accounting for 7.4% of the country’s total oil imports, according to data from
the Korea Petroleum Association and the Korea National Oil Corporation.

South Korea imported 467.12
million barrels of crude oil during the period, down 8% from the same period in
2025. The value of those imports rose 8.1% to $41.36 billion, driven by higher
global oil prices.

Saudi Arabia remained
Seoul’s largest crude supplier, accounting for 30.5% of imports, followed by
the United States with 20.5%, crossing the 20% mark for the first time in a
ten-month period.

The United Arab Emirates
ranked third with 15.1%, while Iraq followed with 7.4%. Kuwait came next with
4.9%.

The figures showed a shift
in South Korea’s crude supply mix during the first half of the year, with the
Middle East accounting for 62.3% of imports, down from 68.7% a year earlier,
amid disruptions affecting oil supplies and shipping routes through the Strait
of Hormuz.

Crude from the Americas,
meanwhile, increased its share of South Korea’s imports to 26.5%, up from 23.4%
in the first half of 2025. Africa supplied 5.6% of imports, while Asia
accounted for 5.5%.

Read more: No exit but Hormuz: Iraq’s economic vulnerability exposed