Algeria has emerged as the third-largest exporter of oil products to South Korea during the first nine months of 2026. According to data from the Energy Research Unit, Algeria's average exports reached 67,000 barrels per day. Japan led the list with 74,000 barrels per day, followed by the United Arab Emirates with 72,000 barrels per day. The United States ranked fourth with 59,000 barrels per day, and India fifth with 47,000 barrels per day.
The list of top ten suppliers to South Korea also included Malaysia with an average of 45,000 barrels per day, Oman with 42,000 barrels per day, Qatar with 30,000 barrels per day, Singapore with 27,000 barrels per day, and Kuwait with 22,000 barrels per day. South Korea's total imports of oil products averaged 706,000 barrels per day from January to September 2026, marking a 29% decline compared to the same period in 2025, when it was 995,000 barrels per day.
The combined average exports of the top ten countries reached 485,000 barrels per day, accounting for approximately 69% of South Korea's imports. The five Arab countries in the list - the United Arab Emirates, Algeria, Oman, Qatar, and Kuwait - had a total average export of 233,000 barrels per day, representing 33% of South Korea's total imports. This significant presence of Arab countries in the South Korean oil market highlights their importance as suppliers.
South Korea's imports of oil products have been declining continuously on a quarterly basis during the first nine months of 2026. The average imports decreased by 16% in the first quarter to 851,000 barrels per day, compared to 1.01 million barrels per day in the same period of 2025. The decline continued in the second quarter with a 27% drop to 608,000 barrels per day, and in the third quarter, it fell by 33% to 661,000 barrels per day.
The most significant decline occurred in August, with a 46% drop to 545,000 barrels per day, compared to over 1 million barrels per day in August 2025. Similarly, September saw a 38% decline to 637,000 barrels per day, compared to 1.02 million barrels per day in the same period of 2025. These trends indicate a substantial shift in South Korea's oil import dynamics.
Other Arab countries not in the top ten list also exported oil products to South Korea. Libya's exports averaged 21,000 barrels per day during the first nine months of 2026, closely matching Kuwait's exports. Saudi Arabia had an average export of 18,000 barrels per day. Egypt had rare shipments of oil products to the Korean market, and Syria appeared for the first time as an exporter to South Korea.
The data suggests that Algeria's oil product exports to South Korea have been significant, contributing to the country's economy. As a major player in the global energy market, Algeria's exports to South Korea demonstrate its importance as a reliable supplier. The trends in South Korea's oil imports also reflect the country's efforts to diversify its energy sources and reduce its dependence on traditional suppliers.
Key points
- Algeria ranks third in oil product exports to South Korea with 67,000 barrels per day.
- South Korea's oil product imports declined by 29% in the first nine months of 2026 compared to the same period in 2025.
- The top ten suppliers to South Korea accounted for 69% of its total oil product imports.
