In 2013, South Korea imported nearly 2.5 million bbl/d of crude oil, making it the fifth-largest importer in the world. South Korea is highly dependent on the Middle East for its oil supply, and the region accounted for more than 87% of South Korea's 2013 crude oil imports, according to Global Trade Atlas. Saudi Arabia was the leading supplier and the source of over a third of South Korea's imports, followed by Kuwait at 16% of total crude oil imports. South Korea reduced its crude oil purchases from Iran, from 10% in 2011 to 5% in 2013. South Korea halted shipments from Iran for two months in 2012 to comply with sanctions imposed by the United States that impeded Iran's ability to sell crude oil. After showing a good faith effort to reduce their volumes, South Korea was granted a waiver in mid-2012 and resumed imports from Iran, but at a lower level than before the sanctions. Negotiations between Iran and six global powers at the end of 2013 allowed South Korea and other buyers to maintain current import levels. Other Middle Eastern suppliers have made up for the lost imports from Iran.
South Korea consumed more than 2.3 million barrels per day (bbl/d) of petroleum and other liquids in 2013, making it the ninth-largest consumer in the world. According to the Korea National Oil Company (KNOC), Korea has a small amount of domestic oil reserves, but the country relies significantly on crude oil imports to meet its demand. A majority of South Korea's total oil production of 60,000 bbl/d is based on refinery processing gains and a small portion of biofuel production.