Overseas energy dependence ratio South Korea 2011-2022

In 2022, South Korea relied on imports for around 92 percent of its energy. Figures have steadily declined in the past years as the country has continued attempting to diversify and produce energy domestically to meet its climbing energy demand.

Countries of origin for crude oil

With such a high reliance on imports, South Korea is sensitive to fluctuations in global oil and gas prices. Large changes in the worldwide oil and gas industry in 2021 led South Korea to diversify its sources of imported fuel to increase its energy security. Notably, Middle Eastern countries such as Saudi Arabia, Kuwait, and the United Arab Emirates have become more attractive countries of origin for crude oil after embargos were placed on Russia.

Coal and LNG imports

In addition to crude oil, South Korea imports significant quantities of other fossil fuels, such as coal and liquified natural gas (LNG). Indeed, the nation was one of the largest importers of LNG in the world alongside Japan. There have been efforts to reduce emissions and develop cleaner sources of energy, with the government aiming to reach net zero emissions by 2050. Imports of coal dropped in recent years while LNG saw an increase from the previous year.