Korea Joongang Daily
Korea JoongAng Daily

Exclusive: Korea ups Canadian crude imports amid uncertainties about tariffs and Middle East

More Korean oil refiners are ramping up Canadian crude purchases amid protracted uncertainties surrounding the Donald Trump administration’s erratic and capricious tariff policies, with SK Innovation taking delivery of 574,000 barrels in May.

2025-07-04

Tainted fuel in Gunsan found to be 99% water

A gas station in Gunsan, North Jeolla, is under fire after investigators found it had had pumped near-pure water into vehicles, the result of outdated underground pipes that let water seep into its fuel tanks.

2025-07-02

S-Oil wins gas station category at National Service Awards

S-Oil clinched the top spot in the gas station category at the 2025 National Service Awards for the eighth consecutive year and held onto its lead in the gas station app category for a third year, the petroleum company announced Thursday.

2025-06-26

Why Korea keeps relying on oil from the Middle East

Every time geopolitical tensions push up oil prices — like the recent Israel-Iran war — talk of diversifying Korea’s crude oil imports resurfaces. But despite decades of warnings, the country’s reliance on the Middle East remains deeply entrenched.

2025-06-26

KNOC secures exploration rights extension in Vietnamese oil field

The state-run Korea National Oil Corp. said Wednesday it has secured fresh exploration rights in Vietnam's second-largest oil field to continue operations there until 2050.

2025-06-25

Trump says China can buy Iranian oil, but urges it to purchase U.S. crude

U.S. President Donald Trump said on Tuesday that China can continue to purchase Iranian oil after Israel and Iran agreed to a cease-fire, a move that the White House clarified did not indicate a relaxation of U.S. sanctions.

2025-06-25

Oil rises and U.S. stock futures slide as markets react to strike on Iran nuclear sites

The price of oil rose and U.S. stock futures fell as global markets react to the U.S. strike against nuclear targets in Iran. The price of Brent crude oil, the international standard, rose 3.3 percent to $79.60 a barrel.

2025-06-23

Oil jitters as U.S. strikes on Iran raise global market fears

Korea and other energy-importing countries are bracing for turbulence in global oil and financial markets after the United States launched a surprise airstrike on Iran’s nuclear facilities on Saturday.

2025-06-22

UAE coast guard evacuates 24 people from oil tanker crash east of Strait of Hormuz

The United Arab Emirates (UAE) said its coast guard evacuated 24 people from an oil tanker Tuesday after a collision between two ships just east of the world’s most critical oil chokepoint, the Strait of Hormuz.

2025-06-17

Korean gov't to extend fuel tax cuts, individual consumption tax breaks for passenger vehicles

The Korean government will extend fuel tax cuts through the end of August and individual consumption tax breaks for passenger vehicles through the end of the year

2025-06-16