March 18, New Delhi — South Korea has secured a commitment from the United Arab Emirates to supply 24 million barrels of crude oil, as authorities implement measures to mitigate the economic impact of the Middle East conflict.
Iran's effective closure of the Strait of Hormuz has forced the UAE to halt production, resulting in a reduction of over half its output. According to data from the Korea International Trade Association, South Korea imports almost all of its energy, with approximately 70% of its crude oil shipments and 20% of liquefied natural gas typically sourced from West Asia.
