Iraq’s oil exports to South Korea fall by 80%

Baghdad (IraqiNews.com) – The Korea National Oil Corporation (KNOC), South Korea’s state-owned oil company, revealed that the country’s imports of Iraqi crude oil fell by 80.1 percent in May compared to the same month last year. South Korea’s imports of Iraqi oil in May were around 2.14 million barrels, a dramatic reduction from 10.77 million barrels in the same month of 2025 and a 62.2 percent decline compared to April 2026. In May, Saudi Arabia was the top crude oil supplier to South Korea, with 18.83 million barrels, followed by the United States with 15.02 million barrels, the UAE with 13.15 million barrels, Algeria with 3.64 million barrels, Qatar with 2.78 million barrels, Iraq with 2.14 million barrels, and Kazakhstan with 2.08 million barrels. In the first five months of 2026, South Korea’s total imports of Iraqi oil were 31.99 million barrels, a 29.9 percent decline compared to the same period in 2025. The reduction is part of Seoul’s efforts to diversify its energy supply sources and minimize reliance on Middle Eastern oil amid regional turmoil. South Korea has increased its oil imports from the UAE, Algeria, Canada, and Africa by using other marine routes to avoid the Strait of Hormuz. Seoul aims to boost its imports of Canadian crude oil to 16 million barrels this year, with plans to increase shipments to 20 million barrels per year in the long term. The post Iraq’s oil exports to South Korea fall by 80% appeared first on Iraqi News.