South Korea to begin importing Argentine crude next year, with a first purchase of about 880,000 barrels

South Korea's national security adviser Wi Sung-lac said on Friday, 31 July 2026, that the country plans to begin importing crude oil from Argentina next year in order to diversify its energy sources beyond West Asia. He said that following a trial import of Argentine crude by a South Korean company this year, an initial purchase of about 880,000 barrels is planned.

The announcement came during President Lee Jae-myung's visit to Buenos Aires and his meeting with Argentine President Javier Milei. The two governments agreed on Friday, 31 July 2026, to support a durable start to crude oil trade. Wi said the volume is not yet large but is a suitable starting point, and could grow as Argentina raises oil and gas output and expands export capacity.

He described the agreement as part of a broader effort by Seoul to reduce the geopolitical risk that comes with its heavy reliance on West Asian crude. The two countries also agreed to explore wider cooperation in natural gas, nuclear energy and critical minerals including lithium and copper.