Iraq emerged as a major supplier in South Korea’s crude market during the first half of 2026. Iraq’s South Korea oil supply accounted for 7.4% of Seoul’s total crude imports. The figures highlight Iraq’s continued role in Asia’s energy market.
South Korea imported 467.12 million barrels of crude between January and June. That volume fell 8% compared with the same period in 2025. However, the value of those imports climbed 8.1% to $41.36 billion.
Higher international oil prices pushed up South Korea’s import bill despite lower volumes. The country also adjusted its supply sources during the period. Disruptions to regional shipments influenced that changing pattern.
Saudi Arabia maintained its position as South Korea’s leading crude supplier. It supplied 30.5% of the country’s total imports during the first half. The United States ranked second, reaching a 20.5% share.
The US crossed the 20% threshold for the first time during the reported period. The United Arab Emirates followed with 15.1% of South Korea’s crude imports. Iraq ranked fourth, ahead of Kuwait, which held a 4.9% share.
Iraq’s position reflects the country’s importance within South Korea’s diversified energy network. Iraq’s South Korea oil supply represented a substantial portion of Seoul’s crude purchases. The result also placed Iraq among the leading suppliers to one of Asia’s largest economies.
The broader figures show a notable change in South Korea’s crude sourcing. Middle Eastern suppliers provided 62.3% of total imports during the first half. That share declined from 68.7% during the corresponding period last year.
Supply disruptions and shipping challenges contributed to the regional shift. Concerns surrounding routes through the Strait of Hormuz also affected purchasing patterns. South Korean refiners therefore increased their reliance on suppliers from other regions.
Crude suppliers across the Americas expanded their presence in the South Korean market. Their combined share reached 26.5% during the first half of 2026. That compared with 23.4% during the same period in 2025.
Africa supplied 5.6% of South Korea’s crude imports during the period. Asian suppliers accounted for another 5.5%. These figures point to a broader effort to diversify crude procurement.
For Iraq, the ranking reinforces its position in South Korea’s energy supply chain. Iraq’s South Korea oil supply remained significant despite broader changes in regional sourcing. Future trade patterns will depend partly on prices, shipping conditions, and regional supply stability.
The first-half figures also underline the growing competition among major crude exporters. South Korea continues to balance long-standing Middle Eastern relationships with alternative suppliers. Iraq’s fourth-place ranking gives Baghdad an important position in that evolving market.