Instagram · May 29, 2026
South Korea's potential Russian oil imports could impact global prices and India/China
What is being said? That boss, Russian oil is becoming more expensive for us. Because of the Iran war. And Russia is not giving discounts. Of course, it won't give, it has demand. I am saying that the situation will worsen. Rates will increase further. Because Russia's buyers are increasing. Until now, there were only two buyers for Russia, one was of course China, the other was India. India reduced it a bit in between, but we are buying it back forcefully. Forcefully, meaning the cargo that was going to China, that cargo is being rerouted and coming here. But South Korea. In 2022, when Russia invaded Ukraine, when it invaded. At that time, the entire Russian import coming there was completely stopped. But imagine what is happening right now. Your industry minister, of South Korea, is openly saying that we are talking to our industry and working out the possibilities of importing crude as well as naphtha from Russia. This is crazy. Why? Because think about it, India's total refining capacity for crude oil. Total. I'm not talking about Reliance, Indian Oil, BPCL, all combined. Whatever is produced. South Korea is 60% of that. It is one of the biggest refining forces globally. India is number five, they are number six. And when it comes to buying Russian crude oil, until now there were only two contenders. China, India. A third player is coming. And it's a big player. As I just explained, it's 60% of our size. So, what that implies is Russian crude for demand, it's going to increase tremendously, increase at a rapid pace. This is something very, very serious. And more people should know about it. Do you think this is an important point?
What's right
What's wrong
Breakdown
South Korea's Consideration of Russian Oil Imports The provided sources confirm that South Korea is considering importing crude oil and naphtha from Russia, a move that was halted in 2022 but is now being re-evaluated due to disruptions in the Strait of Hormuz and soaring global energy prices [1][2][3][4]. This potential shift in demand is significant given South Korea's large refining capacity [1].
Impact on Global Prices and India/China The war in Iran has indeed driven up global oil prices, and the supply uncertainty has led to a narrowing of discounts on Russian oil, with some instances of premiums being charged [1][5][10]. India and China are identified as major buyers of Russian oil, and any increase in demand, such as from South Korea, could further tighten the market and affect prices for these countries [1][5][6].
Unverified and Oversimplified Claims However, the specific claim that South Korea's refining capacity is 60% of India's total refining capacity is not substantiated by the provided references. Additionally, the assertion that Russia is no longer offering any discounts is an oversimplification, as the market dynamics are more nuanced.
The idea that only China and India were the primary buyers of Russian oil before South Korea's potential re-entry is also not entirely accurate, as other East Asian nations were also engaging with Russian oil suppliers [1][10].