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, accounte

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.