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