Iraq maintained its position as South Korea’s fourth-largest source of crude oil in the first half of 2026, despite an overall decline in the Asian country’s oil imports.

Data from the Korea Petroleum Association and the Korea National Oil Corporation showed that South Korea imported 467.12 million barrels of crude oil between January and June 2026.

The volume represented an eight per cent decline from the corresponding period in 2025. However, the cost of the imports increased by 8.1 per cent to $41.36bn, reflecting higher international crude oil prices.

Iraq accounted for 7.4 per cent of South Korea’s total crude oil imports during the six-month period, placing it behind Saudi Arabia, the United States and the United Arab Emirates.

Saudi Arabia remained South Korea’s biggest crude supplier, accounting for 30.5 per cent of total imports. The United States supplied more than 20 per cent, while the UAE contributed 15.1 per cent.

The latest figures also point to a change in the composition of South Korea’s crude oil sources. The share of Middle Eastern suppliers declined from 68.7 per cent to 62.3 per cent during the period.

The reduction was linked to disruptions around the Strait of Hormuz, a critical route for global oil shipments. Interruptions along the waterway affected crude flows and encouraged changes in supply patterns among major importing countries.

Iraq has strengthened its position in the South Korean market in recent years. In 2025, Iraqi crude shipments to South Korea reached 113.7 million barrels, averaging about 311,500 barrels per day.

The 2025 volume represented a 12 per cent increase compared with the previous year, highlighting the growing importance of the Iraqi crude trade between the two countries.

Iraq’s continued presence among South Korea’s leading crude suppliers comes as Asian refiners seek to diversify their sources of oil amid supply disruptions, changing prices and geopolitical risks affecting major shipping routes.