South Korea is considering increasing its imports of U.S. oil and gas in order to diversify its energy sources and ensure a stable supply, particularly in light of ongoing tensions in the Middle East. Industry Minister Ahn Duk-geun stated that the government may need to provide more support for purchasing oil from non-Middle Eastern regions to reduce dependence on the region.

These remarks come as U.S. President-elect Donald Trump, who will take office on January 20, has proposed imposing a 10 percent tariff on all global imports, including oil and gas. He has also urged the European Union to import more U.S. energy resources, threatening tariffs on the EU’s exports, including cars and machinery, if they fail to comply.

In 2023, South Korea's reliance on crude oil from the Middle East grew significantly, accounting for 72 percent of total imports, up from 60 percent in 2021. Regarding liquefied natural gas (LNG), South Korea imported 47.2 million metric tons in 2024, with 5.7 million metric tons sourced from the U.S. Additionally, other LNG-importing countries, like Vietnam, may also turn to the U.S. to help reduce its trade surplus with the United States.

The U.S. remains the world's top LNG exporter, and sources suggest that President Trump plans to make it easier for LNG producers to renew export permits, further boosting U.S. energy exports as part of his broader strategy to increase domestic energy production.

Disclaimer: This Image is taken from Reuters.