South Korea Targets 16 Million Barrels of Canadian Crude in 2026

South Korea is targeting up to 16 million barrels of Canadian crude in 2026, more than triple its 4.88 million barrels in 2025, as it seeks to reduce exposure to supply disruptions around the Strait of Hormuz.

The 16 million-barrel figure is a target, not a completed import total. South Korea has also set a longer-term goal of importing as much as 20 million barrels of Canadian crude annually, but no timetable was specified.

Saudi crude accounted for 29.9% of South Korea's imports from January through August. That was the first time its share had fallen below 30% since 2021.