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South Korea considering buying more US oil and gas, energy minister says
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South Korea considering buying more US oil and gas, energy minister says
Jan 15, 2025 11:38 PM

SEOUL, Jan 16 (Reuters) - South Korea is interested in

importing more U.S. oil and gas to diversify energy sources and

ensure stable supplies given tensions in the Middle East, the

country's industry minister Ahn Duk-geun said on Thursday.

The government may need to increase support for the purchase

of non-Middle East oil, he said.

His comments come as U.S. President-elect Donald Trump, who

takes office on Jan. 20, has vowed to impose tariffs of 10% on

global imports into the U.S., and has said the European Union

should step up U.S. oil and gas imports or face tariffs on the

bloc's exports, including on goods such as cars and machinery.

South Korea has deepened its reliance on crude oil imports

from the Middle East, which accounted for 72% of total imports

in 2023, up from 60% in 2021, according to the energy ministry.

On liquefied natural gas (LNG), South Korea imported 47.2

million metric tons of the super-chilled fuel in 2024, of which

5.7 million metric tons were from the U.S., according to data

from analytics firm Kpler.

Other LNG importing countries such as Vietnam could also buy

from the U.S. to ease its large trade surplus with the world's

top economy, said a senior Hanoi-based diplomat.

The U.S. is the world's top LNG exporter. Sources said that

Trump plans to make it easier for some LNG producers to seek

export permit renewals, while his pick to head the U.S. Energy

Department told senators that his first priority is expanding

domestic energy production, including LNG.

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