South Korea to start importing Argentine crude next year with an initial cargo of about 880,000 barrels

Wi Sung-lac, South Korea's national security adviser, said on Friday, 31 July 2026 (9 Mordad 1405), 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 after a trial import by a South Korean company this year, an initial purchase of about 880,000 barrels is planned.

The announcement came during a visit to Buenos Aires by South Korean President Lee Jae-myung. Lee and Argentine President Javier Milei agreed on Friday that their governments would support a durable start to crude oil trade. Wi said the volume is not yet large but is a suitable start, and could grow as Argentina raises oil and gas output and expands its export capacity.

The two sides also agreed to explore wider cooperation on natural gas, nuclear energy and critical minerals including lithium and copper. Seoul has described the agreement as part of a broader effort to reduce the geopolitical risk of its heavy dependence on West Asian crude.