While the United States is reducing its dependence on Middle East oil by increasing domestic production of unconventional oil and gas, Korea imports 85 percent of its oil from the Middle East and entirely depends on liquefied natural gas imports, with 54 percent of LNG being supplied by three countries. There is high potential for energy cooperation between Korea and Russia. Increasing fuel imports from Russia can help Korea diversify energy supply and lessen Korea’s exposure to the geopolitical risks in existing energy exporters. Recent gas deal between Russia and China shows how Russia is willing to expand its presence in East Asia.

Korea will need to change its energy consumption structure in the long run to cope with climate change and the changing dynamics in the international energy market. Cooperation in Northeast Asia will ensure stable and safe energy trade routes and increase investment in conventional energy production in the region.