South Korea and Japan Boost Oil Security Cooperation Over 200 Days of Reserves Ready Amid Middle East Risks

On July 28, South Korean and Japanese industry insiders revealed that both nations are ramping up joint efforts to safeguard oil supplies as Middle East tensions threaten Asia’s crude imports. Triggered by recent Israel-Iran conflicts, the two countries are working to protect against possible disruptions in Persian Gulf sour crude flows.

At a recent summit in Ulsan, Korea National Oil Corporation (KNOC) and Japan’s JOGMEC discussed strategies for reserve management and emergency response. South Korea’s combined public and private oil reserves can cover 206.9 days of demand, while Japan’s reserves span 199.3 days, according to KNOC data.

Saudi Arabia and the UAE supply over 80% of Japan’s crude, making robust contingency plans essential. Refinery managers from both countries stressed the importance of regular cooperation and sharing know-how, especially as demand spikes during travel and heating seasons.

Going forward, KNOC and JOGMEC will increase technical exchanges and hold more frequent meetings to strengthen their energy security system. Korean middle distillate suppliers may prioritize Japanese spot buyers during peak periods. Decade-long business ties between Korean refiners and Japanese traders will help ensure stable supply, with regular tenders for jet fuel and kerosene during seasonal peaks.