The South Korean government is pursuing the reintroduction of Russian crude oil imports, suspended since 2022, as the prolonged closure of the Strait of Hormuz due to U.S.-Iran conflict has triggered an emergency in securing Middle Eastern crude.
According to Korean government and refinery industry sources on the 18th, executives from major refiners including SK Energy, HD Hyundai Oilbank, S-Oil, and GS Caltex recently held a supply countermeasures meeting with the Ministry of Trade, Industry and Energy to discuss plans for importing Russian crude. During the meeting, ministry officials asked the refiners, "Would importing Russian crude help with supply?" and attendees reportedly expressed positive views.
A ministry official said, "It is true that the government is trying to support companies as the U.S. has permitted Russian crude imports," adding, "We are working to secure supply whether it's naphtha or crude oil." However, the official noted, "Actually securing vessels may not be easy either, making this a realistically challenging task." The U.S. recently permitted purchases of Russian crude oil and petroleum products for a limited 30-day period as international oil prices surged.
