South Korea's Ministry of Industry said that Seoul seeks to reduce its dependence on crude oil coming from the Middle East to 50 percent by 2035, as part of efforts by Asia's fourth-largest economy to diversify energy sources after the turmoil caused by the Iran war.
In its ten-year plan for natural resources security, the ministry added that South Korea needs a “radical transformation” in supply chains, citing lessons learned from the Iranian war that disrupted global energy flows.
South Korea relies heavily on oil imports, and the ministry said it obtained 70 percent of its supplies from the Middle East in 2025, most of which arrived through the Strait of Hormuz.
The ministry stated that South Korea is also seeking to secure additional quantities of condensate, which is a very light oil that is often used in the production of naphtha.
South Korea has been suffering from a shortage of naphtha, the basic raw material for the petrochemical industry, since the outbreak of conflict in the Middle East.
As for natural gas, the government aims to reduce its dependence on imports from the Middle East to less than 30 percent by 2035.
Preliminary shipping data showed today (Wednesday) that 3 ships carrying primary goods crossed the Strait of Hormuz yesterday (Tuesday), a decrease from 4 ships the previous day, and less than the 10-day moving average of about 15 ships.
These numbers may change; Some ships usually turn off their transmitters and receivers while sailing.
Data from the ship tracking company Kepler showed at 02:00 GMT that the three ships - including a Panamax tanker - were leaving the strait.
Data from Kepler and the London Stock Exchange Group indicated that the liquefied natural gas tanker “Alemvir” reappeared inside the strait yesterday (Tuesday), after it was last seen outside the waterway on September 19.
Before the conflict between the United States and Iran, the Strait of Hormuz transported a fifth of the world's oil and gas supplies.
US President Donald Trump warned yesterday (Tuesday) that he might annihilate Iran if an agreement could not be reached to end the war, but he also indicated that an agreement might be concluded soon amid diplomatic action at the United Nations.
Meanwhile, 22 ships carrying raw goods crossed the Bab al-Mandab Strait yesterday (Tuesday), another maritime chokepoint at the southwestern tip of Yemen, and a vital trade route for transporting oil between the Red Sea and the Gulf of Aden.
The data showed that 14 ships were heading towards the Red Sea and 8 ships towards the Gulf of Aden. These ships included 5 Panamax class tankers, 6 Supramax class tankers, 4 Aframax class tankers, a Suezmax class tanker, and a giant crude oil tanker.
This number compares to an average of about 26 ships that sailed through the strait during the past 10 days.
Fatih Karahan, Governor of the Turkish Central Bank, said that the data indicate a continued decline in inflation despite the difficult conditions in terms of supply, stressing that inflation expectations call for continued caution.
In a presentation in New York, Karahan explained that supply-side shocks materially affect the overall inflation rate, and that inflation in the services sector continues but its underlying trend has slowed recently.
He added that economic growth slowed with weak domestic demand, as indicators indicate a further slowdown in demand during the third quarter.
He pointed out that external shocks and domestic transmission channels will determine the path of future inflation, while foreign exchange reserves remain strong.
