Crude oil import value South Korea 2023, by origin

In 2023, South Korea imported a total of over 86 billion U.S. dollars worth of crude oil. Saudi Arabia was the top country of origin, with around 30.57 billion dollars worth of crude oil imported during that year. Other major countries of origin were the United States and the UAE.

Overseas reliance for energy supply

South Korea relies heavily on imports for its energy supply. Of the imported fuel sources, petroleum made up about half of all final energy consumption in South Korea. With few traditional fossil fuel resources within the country, most of South Korea's domestic primary power generation comes from nuclear sources. 

South Korea's petrochemical industry

Despite having to import most of its petroleum, South Korea is a huge exporter of petrochemicals, having developed advanced methods of refining and processing petroleum for various needs. Among Korean refineries, LG Chem has become one of the largest companies in the world for producing petrochemicals. However, LG Chem's energy solutions sector has outperformed its petrochemicals sector in revenue in recent years.