What conditions must Korean refiners meet to export more diesel under the November cap?

Refiners must fulfill their domestic supply obligations and maintain adequate inventories. The higher limit applies only while those conditions are met and domestic supply remains stable.

Why is Korea easing its diesel export restrictions?

Local oil refiners have recently called for the restrictions to be eased. The ministry also cited stable crude supplies, saying imports for October and November were each equivalent to at least 100 percent of last year’s monthly average.

What could make Korea reinstate the previous diesel export cap?

The government said it would closely monitor petroleum product supplies because tensions in the Middle East are lingering. It could immediately restore the previous cap if further supply concerns arise.

Korea to conditionally ease diesel export restrictions amid stable crude supplies

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Summary

The Ministry of Trade, Industry and Resources will raise Korea’s diesel export cap in November, provided domestic supply remains stable. The new limit will allow exports of up to 110 percent of the volume recorded in the same month a year earlier, compared with the current 100 percent cap. Refiners must meet domestic supply obligations and maintain adequate inventories to qualify. The ministry said crude supplies remain stable but warned it could restore the previous cap if supply concerns arise.

Key Facts

The government introduced export restrictions on fuel products in March alongside its oil price cap system to maintain stable domestic supply.
The ministry said crude imports for October and November were each equivalent to at least 100 percent of last year’s monthly average.
Local oil refiners have recently called for the export restrictions to be eased.
A ministry official said the government would closely monitor petroleum product supplies amid lingering tensions in the Middle East.

By Yonhap

Published Oct 29, 2026 10:17 am KST

Oil prices can be seen at a gas station in Seoul, Sunday. Yonhap

Korea will ease export restrictions currently imposed on diesel starting in November on condition that domestic supply remains stable, the industry ministry said Thursday.

The Ministry of Trade, Industry and Resources said the government will allow diesel exports of up to 110 percent of the volume recorded in the same month a year earlier, up from the current cap of 100 percent.

The higher cap will apply only when oil refiners fulfill their domestic supply obligations and maintain adequate inventories, the ministry added.

Korea adopted export restrictions on fuel products when it implemented the oil price cap system in March to maintain stable domestic supply. Local oil refiners have recently called for such restrictions to be eased.

The industry ministry said crude supplies remain stable, citing crude import volumes for October and November equivalent to at least 100 percent of last year's monthly average.

"With tensions in the Middle East lingering, the government will closely monitor the supply of petroleum products and immediately reinstate the previous cap should further supply concerns arise," a ministry official said.

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