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The influence of South Korean energy policy on OPEC oil exports

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  • Almansoori, Ali

Abstract

South Korea is the fifth top oil importer worldwide with 64% of its oil coming from OPEC member countries. Over the last 30 years, South Korea accounted for a rapid increase in energy use. This in turn led South Korea to be totally dependent on oil imports. Due to this increase, South Korea has been experiencing drastic changes in its energy system which could potentially impact its dependence on OPEC oil import. External and internal factors have forced South Korea to change its energy strategy and targets. These targets would be achieved by reducing its energy intensity and utilizing electricity and renewable energies in order to reduce its dependence on oil consumption. “Low Carbon, Green Growth” is one policy along with many other energy policies developed by South Korea for reducing greenhouse gases, thus this policy is receiving a remarkable attention today. These national policies along with other international ones are needed to mitigate greenhouse gas emissions and promote other green initiatives. This study puts emphasis on these policies as well as uses them to predict the future energy profile of South Korea and how these policies will impact on oil imports from OPEC member countries.

Suggested Citation

  • Almansoori, Ali, 2014. "The influence of South Korean energy policy on OPEC oil exports," Energy Policy, Elsevier, vol. 67(C), pages 572-582.
    • Handle: RePEc:eee:enepol:v:67:y:2014:i:c:p:572-582
    DOI: 10.1016/j.enpol.2013.12.036
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    Cited by:

    1. Ehsan Rasoulinezhad & Gil Seong Kang, 2016. "A Panel Data Analysis of South Korea’s Trade with OPEC Member Countries: The Gravity Model Approach," Iranian Economic Review (IER), Faculty of Economics,University of Tehran.Tehran,Iran, vol. 20(2), pages 203-224, Spring.
    2. Ifaei, Pouya & Tayerani Charmchi, Amir Saman & Loy-Benitez, Jorge & Yang, Rebecca Jing & Yoo, ChangKyoo, 2022. "A data-driven analytical roadmap to a sustainable 2030 in South Korea based on optimal renewable microgrids," Renewable and Sustainable Energy Reviews, Elsevier, vol. 167(C).
    3. Alsadi, Hanan, 2020. "Potential Influences on the Prospect of Renewable Energy Development in OPEC Members," OSF Preprints mhca2, Center for Open Science.

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    Keywords

    Energy policy; South Korea; OPEC;
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