South Korea’s Ministry of Trade, Industry and Energy confirmed its first National Resource Security Basic Plan on 2026-09-23, along with a revised 5th Petroleum Reserve Plan, a critical minerals designation plan, and a 1st Critical Minerals Reserve Plan, at the 6th Resource Security Council chaired by Minister Kim Jung-kwan and held at the Korea Trade Insurance Corporation. (Source: https://www.korea.kr/news/policyNewsView.do?newsId=148972523, 2026-09-23) This is the first whole-of-government mid-to-long-term plan since Korea’s National Resource Security Special Act took effect last year. (Source: https://www.korea.kr/news/policyNewsView.do?newsId=148972523, 2026-09-23)
Key targets
The government set three headline goals: reduce crude oil dependency on any single region to below 50% by 2035; expand petroleum reserve storage capacity by 20 million barrels by 2030; and expand the designated critical minerals list from 38 to 51 items. (Source: https://www.korea.kr/news/policyNewsView.do?newsId=148972523, 2026-09-23) The plan was developed based on resource security assessments and supply-chain vulnerabilities identified during the Middle East conflict, which the Ministry said demonstrated how resource supply chains concentrated in specific regions and shipping routes can threaten industrial and public stability during a crisis. (Source: https://www.korea.kr/news/policyNewsView.do?newsId=148972523, 2026-09-23) The announcement did not disclose country-specific diversification targets or the current baseline dependency percentage, so the 50% goal describes a direction rather than a fully quantified starting point. (Source: https://www.korea.kr/news/policyNewsView.do?newsId=148972523, 2026-09-23)
| Metric | Korea (new plan) | United States (SPR) | European Union (CRMA) |
|---|---|---|---|
| Reserve/target expansion | +20M barrels by 2030 | 714M barrels capacity; 285.4M barrels held (2026-09-04) | Critical raw materials list: 14 items (2011) → 34 items (2023) |
| Critical minerals designated | 38 → 51 items | — | 34 items (2023) |
| Import dependency cited | Oil dependency target: below 50% on any single region by 2035 | Domestic production plus reserve | 98% of rare earths, 97% of lithium, 93% of magnesium from China |
| Legal basis | National Resource Security Special Act (took effect 2025) | Energy Policy and Conservation Act | Critical Raw Materials Act (effective 2024-05-23) |
No storage expansion had occurred since the 4th Petroleum Reserve Plan (2014-2025); the new plan adds 20 million barrels of storage capacity by 2030 and expands joint international stockpiling arrangements with oil-producing nations. (Source: https://www.korea.kr/news/policyNewsView.do?newsId=148972523, 2026-09-23) For comparison, the U.S. Strategic Petroleum Reserve (SPR) has underground storage capacity of 714 million barrels across sites in Louisiana and Texas, with actual inventory at 285.4 million barrels as of September 4, 2026. (Source: https://en.wikipedia.org/wiki/Strategic_Petroleum_Reserve_(United_States), 2026-09-04) Korea’s 20-million-barrel expansion is roughly 2.8% of the U.S. SPR’s total capacity, though Korea imports virtually all of its crude oil, unlike the U.S., which also produces domestically. Because Korea has essentially no domestic crude production, officials frame the relevant benchmark as import-adjusted days of coverage rather than raw storage volume compared against a producing nation like the U.S.
Critical minerals: 13 new items, 10 of them rare earths
Of the 13 newly designated critical minerals, 10 are rare earth elements, plus fluorite, phosphorus, and germanium. (Source: https://www.korea.kr/news/policyNewsView.do?newsId=148972523, 2026-09-23) Critical minerals are designated under the Special Act based on supply-risk and economic/industrial importance, and the expansion is intended to help Korea respond to growing demand from the semiconductor and battery industries. (Source: https://www.korea.kr/news/policyNewsView.do?newsId=148972523, 2026-09-23) The number of stockpiled mineral items will also expand from 24 to 29, and reserve targets for supply-vulnerable minerals will be raised from 180 days to up to 365 days, with reserve days managed differentially by risk level. (Source: https://www.korea.kr/news/policyNewsView.do?newsId=148972523, 2026-09-23) The plan does not specify a uniform reserve target across all 29 stockpiled items; instead, the number of reserve days is set per mineral according to its individual supply-risk rating.
Comparable case: EU’s Critical Raw Materials Act
The European Union offers a useful comparison. When the EU introduced its Critical Raw Materials Act in 2023, it disclosed that Europe depended on China for 98% of its rare-earth needs, 97% of its lithium supply, and 93% of its magnesium supply. (Source: https://en.wikipedia.org/wiki/Critical_Raw_Materials_Act, 2024-05-23) The Act entered into force on May 23, 2024, and the EU’s critical raw materials list has grown from 14 items in 2011 to 34 by 2023. (Source: https://en.wikipedia.org/wiki/Critical_Raw_Materials_Act, 2024-05-23) Korea’s expansion from 38 to 51 designated minerals follows a similar direction, though the EU’s approach places heavier emphasis on building domestic extraction, processing and recycling capacity rather than designation and stockpiling alone. The comparison illustrates that expanding a critical-minerals list is a common early step across major economies, but the follow-through — measured in actual mining, processing, or recycling capacity — is where implementation typically diverges.
Why this matters for supply-chain-linked economies
Korea’s semiconductor and battery manufacturers source rare earth and other critical mineral inputs through global supply chains that overlap significantly with those used by the U.S., Japan, and European industries. An expanded reserve and designation list changes how quickly Korea can absorb supply shocks that also affect its trading partners’ manufacturers, making this a relevant signal for companies and governments tracking East Asian critical-mineral supply security. (Source: https://www.korea.kr/news/policyNewsView.do?newsId=148972523, 2026-09-23) Because the newly designated rare-earth items overlap with inputs used in EU- and U.S.-based semiconductor and battery supply chains, foreign firms sourcing from the same upstream suppliers may see indirect effects from how quickly Korea’s stockpiling and recycling capacity is actually built out.
Industry impact
The expanded critical minerals list broadens supply-chain management coverage for inputs used in semiconductors and batteries, but designation alone does not guarantee improved domestic sourcing; that depends on how quickly recycling infrastructure and stockpiling capacity are actually built out. (Source: https://www.korea.kr/news/policyNewsView.do?newsId=148972523, 2026-09-23) Funding details for the newly announced Resource Security Fund were not disclosed in this announcement, including its funding scale, contribution structure, or operating plan. (Source: https://www.korea.kr/news/policyNewsView.do?newsId=148972523, 2026-09-23) The government also said it would pursue cooperation with major resource-holding countries and strengthen whole-of-government crisis response, though implementation specifics for these elements likewise await a follow-up announcement. (Source: https://www.korea.kr/news/policyNewsView.do?newsId=148972523, 2026-09-23)
Consumer impact
If import diversification and reserve expansion proceed as targeted, domestic fuel and energy price volatility from regional supply shocks could moderate over time. (Source: https://www.korea.kr/news/policyNewsView.do?newsId=148972523, 2026-09-23) However, the targets are set for 2030 and 2035, so near-term consumer impact is expected to be limited. In practice, the benefit is most likely to be felt during an actual supply disruption — such as a Middle East-linked shock — when larger reserves would allow the government to release stockpiled oil to dampen price spikes, rather than through any near-term change in everyday fuel prices.
Source: Korea Policy Briefing, 2026-09-23 · References: Wikipedia, U.S. Strategic Petroleum Reserve, as of 2026-09-04, Wikipedia, EU Critical Raw Materials Act, effective 2024-05-23