South Korea is actively pursuing a resumption of Venezuelan crude oil imports for the first time in over two decades to diversify its energy supply. This move is a direct response to the prolonged Strait of Hormuz standoff, which has severely disrupted, and at times effectively blocked, the transit of oil from the Middle East.Major South Korean refiners, including SK Energy and HD Hyundai Oilbank, are considering importing approximately 400,000 tons of heavy Venezuelan crude for test refining to replace lost Middle Eastern imports.The critical maritime choke point has remained largely dysfunctional, with tanker traffic reduced to a trickle and many vessels blocked or turning back, following tensions escalating from the Iran conflict in late February 2026.South Korea, which relies on the Strait of Hormuz for roughly 70% of its crude imports, has seen its manufacturing and petrochemical industries threatened by the supply shock.The Venezuelan imports are expected to be managed by the trading house Trafigura Group.South Korea has also secured substantial oil supply agreements with other nations, such as Kazakhstan, to bypass the Middle East crisis.This strategic pivot reflects the high vulnerability of the South Korean economy to the ongoing instability in the Persian Gulf.
