Gulf oil producers seek storage in South Korea amid Hormuz closure

Saudi Arabia, Kuwait, and the UAE are among major oil producers exploring the use of South Korea's underground storage facilities for crude oil, as the Strait of Hormuz remains closed following hostilities that began in late February. South Korean officials confirmed receiving inquiries and consultation requests from several countries, though specific names were not disclosed. The Gulf nations' domestic storage is nearing capacity due to the inability to export through Hormuz. South Korea's oil reserve bases, built after the 1973 and 1979 oil crises, have a combined capacity of 146 million barrels and are operated by the state-owned Korea National Oil Corporation. Storing oil outside the Strait of Hormuz allows these countries to reduce geopolitical risks and sell at a later time.