Korea secures 210 million barrels of Saudi, U.S. crude oil, counters Iran war supply shocks in Oil & Companies News 08/05/2026 Korea secured roughly 210 million barrels of crude oil for May to July — more than 80 percent of the volume imported over the same period last year, despite massive supply shocks due to the Iran war — easing looming fears that a protracted Iran war could trigger an oil shock as early as May. Among non–Middle Eastern suppliers, imports from the United States have surged most conspicuously, marking the sharpest increase in Korea’s diversified sourcing mix. “Total crude demand is expected to be fully covered from May to July through overseas imports, swap arrangements, and private stockpiles,” said Vice Industry Minister Moon Shin-hak during a press briefing Thursday afternoon at the government complex in Sejong. “We are also in talks with UAE’s Adnoc and Saudi Aramco on cooperation for joint strategic stockpiling.” Detailed projections indicate that more than 75 million barrels are expected in May, over 60 million barrels in June, and more than 70 million barrels in July. These figures include a 250 million-barrel volume secured from Saudi Arabia through a special envoy mission by the presidential chief of staff, portions of which will begin arriving during the spring and continue to be delivered after July with no set timeline. “We are also actively pursuing crude supply from Venezuela, and supply announcements will be made in a short time,” Moon said. The remarks come amid growing concerns that the continuous blockade of Strait of Hormuz — through which roughly 20 percent of global crude flows — has fueled warnings that an oil shock may materialize as early as May. Goldman Sachs has estimated that global crude inventories are now approaching their lowest level in nearly eight years. It also predicted that stocks of refined products such as gasoline, diesel, and jet fuel are projected to cover only about 45 days of demand. Moon also proje