Which South Korean refiners are considering importing Venezuelan crude oil, and what was the purpose of GS Caltex's June 2024 import?

South Korea's four major refiners—GS Caltex, HD Hyundai Oilbank, SK Innovation, and S-Oil—are considering importing Venezuelan crude oil to diversify supply sources amid Middle East shipping disruptions. GS Caltex imported 110,000 barrels of Venezuelan crude in June specifically to test its quality, evaluate suitability for its refining facilities, and assess product yields.

Why are South Korean refiners exploring Venezuelan crude, and why have they ruled out U.S. shale oil?

The refiners are seeking to reduce heavy reliance on the Middle East by prioritizing price competitiveness and supply stability, especially as conflict disrupts shipping through the Strait of Hormuz. They are also considering alternative imports from Canada and Australia but have ruled out U.S. shale oil due to the smaller operational size of individual suppliers there.

South Korea Refiners Considering Imports of Venezuelan Crude, Association Says

Jul 30, 2026

South Korean refiners are evaluating Venezuelan crude imports to diversify supply amid Middle East disruptions. GS Caltex tested shipments, while peers assess alternatives from Canada and Australia for cost and stability.

reuters

2026-07-30

South Korea Refiners Considering Imports of Venezuelan Crude, Association Says

South Korea Refiners Considering Imports of Venezuelan Crude, Association Says

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