Seoul: Iraq is set to become South Korea’s fourth largest supplier of crude oil in 2026, reinforcing its position as a critical player in the Asian nation’s energy landscape. Official Korean data released recently revealed that during the first half of the year, Iraq accounted for 7.4% of South Korea’s total oil imports.

According to National Iraqi News Agency, the data provided by the Korea Oil Association and the Korea National Oil Corporation indicates that South Korea imported a total of 467.12 million barrels of crude oil over the first six months of 2026. This figure represents an 8% decrease compared to the previous year. However, the value of these imports saw an increase of 8.1%, reaching $41.36 billion, largely due to rising global oil prices.

The list of South Korea’s top oil suppliers is led by Saudi Arabia, followed by the United States and the UAE, with the latter accounting for 15.1% of imports. Iraq’s ranking at fourth place, with a 7.4% market share, places it ahead of Kuwait, which holds a 4.9% share. Despite facing disruptions in supply routes through the Gulf region and the Strait of Hormuz in the first half of the year, Iraq’s share underscores the ongoing significance of its crude oil in the South Korean market.