On June 2, 2026, South Korea's Industry Ministry announced plans to substantially increase its imports of crude oil and liquefied natural gas (LNG) from Canada. The country is looking to more than triple its crude oil imports to approximately 16 million barrels within the year, positioning South Korea as the third-largest export destination for Canadian crude, just behind the United States and China.

In addition to crude oil, South Korea also plans to import around 3.4 million metric tons of LNG from Canada. This strategic move aligns with South Korea's long-term energy goals, especially as it seeks to diversify its energy sources and reduce dependence on traditional oil imports.

The increase in crude and LNG imports comes at a time when global energy markets are undergoing significant shifts. Canadian natural resources, particularly in the energy sector, have become increasingly attractive due to their availability and stability in supply.

This initiative underscores the strengthening energy partnership between Canada and South Korea, which reflects mutual interests in energy security and economic collaboration. As both countries navigate the complexities of global energy demands, this move could significantly enhance bilateral trade relations in the energy sector.