Seoul: The foreign ministry announced that it convened a working-level meeting with officials from major oil refiners to explore strategies for diversifying the nation's crude oil supply by increasing imports from Latin America and the Caribbean.

According to Yonhap News Agency, the meeting included representatives from SK Energy Co., S-Oil Corp., GS Caltex Corp., Hyundai Oilbank Co., and the Korea Petroleum Association. The participants highlighted the potential for diversifying supply chains by fostering deeper cooperation with partners in Latin America and the Caribbean, regions that hold about 19 percent of the world's proven oil reserves.

The foreign ministry emphasized its commitment to continuing diplomatic efforts to support the diversification of crude imports from Latin America and the Caribbean. These efforts will involve coordination with overseas missions and relevant government agencies to facilitate the process.

South Korea currently sources more than 70 percent of its crude oil imports from the Middle East. The country has been actively seeking to diversify its energy supply chains, especially given the ongoing crisis in the Middle East, which has disrupted global supply networks.