South Korea Oil: Imports, Refining & Petrochemicals
South Korea consumes about 2.46 million barrels of petroleum per day (2025), #9 among the countries tracked here. South Korea has no meaningful crude production, yet it is one of the largest oil consumers in Asia because it imports crude, refines it, and exports both fuels and petrochemicals.
Key Figures
| Measure | Value | As of / source |
|---|---|---|
| Petroleum consumption (#9 of tracked) | 2.46 Mb/d | 2025 · EIA |
| Middle East share of crude | Roughly 70% of crude comes from the Persian Gulf, mainly Saudi Arabia, the UAE, Iraq, Kuwait and Qatar | EIA country analysis |
| Refiners | SK Innovation, GS Caltex, S-Oil and HD Hyundai Oilbank run the large export-oriented refineries | Industry data |
| National reserve | KNOC operates 9 state storage bases; about 116 million barrels, roughly 80% of state capacity, sit in underground caverns, and total state capacity is about 146 million barrels | KNOC / S&P Global Commodity Insights |
| Petrochemicals | Despite importing nearly all its petroleum, South Korea is a very large exporter of petrochemicals | EIA country analysis |
Rankings and comparisons: world production & consumption · reserves by country · biggest oil companies.
A Refining and Petrochemical Hub
How the system works
- Coastal refining complexes at Ulsan and Yeosu process imported crude into fuels for export and naphtha for the domestic petrochemical industry.
- Refiners have lifted the share of Americas crude in their feedstock baskets to reduce Gulf reliance, but Gulf grades remain the base of supply.
Buffers and what to watch
- Most state storage is in tunnel-type underground caverns; see how oil is stored for how those work and strategic reserves for how much is held.
- During the 2026 Gulf disruption, Argus Media reported that Seoul imposed export caps on refined products and later extended them to naphtha to protect domestic supply.
- Petrochemical margins, since naphtha is the link between crude prices and one of the country's biggest export industries.
South Korea Oil FAQ
How much oil does South Korea consume?
South Korea consumes about 2.46 million barrels per day of petroleum and other liquids (2025), ranking #9 among the countries tracked here. Source: EIA international statistics.
Does South Korea produce any oil?
Essentially none. It imports virtually all of its crude, roughly 70% of it from the Persian Gulf, according to EIA country analysis.
Why is a country with no oil a big refiner and exporter?
Because it invested in large, complex export-oriented refineries and a petrochemical industry that turns imported crude into higher-value fuels and chemicals sold abroad.