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South Korea has finalized a deal with the UAE for the procurement of 4 million barrels of oil.

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South Korea has confirmed an emergency deal to secure over 6 million barrels of crude oil from the United Arab Emirates (UAE) as of March 6, 2026. 

This agreement serves as a contingency measure following the effective closure of the Strait of Hormuz—a critical chokepoint for 70% of South Korea's oil imports—due to escalating Middle East tensions.

Essential Aspects of the Agreement   Immediate 4 Million Barrel Loading:

Two South Korean-flagged tankers (2 million barrels capacity each) will berth at alternative UAE ports that bypass the Strait of Hormuz.

These vessels will load 4 million barrels of crude oil currently stored by the Abu Dhabi National Oil Company (ADNOC) at these ports.

Additional 2 Million Barrel Pledge:

The UAE has also committed to providing 2 million barrels from joint strategic reserves already stored within South Korea, available immediately upon request.

The total volume exceeds twice South Korea’s daily crude consumption.

While South Korea maintains a seven-month petroleum stockpile, this deal is a precaution to stabilize domestic oil prices and ensure energy security during the regional crisis.

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