The influence of South Korean energy policy on OPEC oil exports

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. (C) 2013 Elsevier Ltd. All rights reserved.