Fitch's BMI says South Korea's downstream oil and gas sector could remain stable
in 2026 despite pressure from elevated freight costs and geopolitical risk.
Seoul is shifting to a broader energy-security strategy to reduce reliance on
Middle East crude, targeting the Middle East's share of crude imports to fall
from 69.1% in 2024 to 60% or below. BMI adds recent import data show more
flexible sourcing: January–May Middle East share was 62.8%, while in May the
Americas, including the US, accounted for 26.6% of crude imports.
