Energy Minister: South Korea may buy more US oil and natural gas

South Korea wants to import more U.S. gas and oil in order to diversify its energy sources, and maintain stable supplies in light of the tensions in the Middle East.

He said that the government might need to increase its support for non-Middle East crude oil purchases.

His comments coincide with the announcement that Donald Trump, the U.S. president-elect who will take office on January 20, has pledged to impose 10% tariffs on all global imports. He has also said that the European Union must increase its U.S. imports of oil and gas or else face tariffs on exports from the bloc, such as automobiles and machinery.

South Korea's dependence on Middle East crude oil has increased. According to the Energy Ministry, 72% of the total imports will come from this region in 2023. This is up from 60% of the total imports for 2021.

According to Kpler, South Korea will import 47.2 million tons of liquefied gas (LNG) in 2024. Of this amount, 5.7 million tons came from the United States.

A senior Hanoi-based diplomatic official said that other LNG-importing countries, such as Vietnam, could also purchase from the U.S. in order to reduce its large trade deficit with the world's largest economy.

The U.S. exports the most LNG in the world. According to sources, Trump intends to make it easier to renew export permits for certain LNG producers. Meanwhile, his nominee to lead the U.S. Energy Department has told senators his top priority is to expand domestic energy production including LNG.

(source: Reuters)