Investing.com -- South Korea plans to increase crude oil imports from Canada to 16 million barrels in 2026, up from 4.9 million barrels in 2025, the country's Industry Ministry said on Tuesday.

The move would make South Korea the third-largest export destination for Canadian crude oil, behind the United States and China, according to the ministry.

South Korea also intends to import 3.4 million metric tons of liquefied natural gas from Canada annually.

The ministry said South Korea aims to further increase Canadian crude oil imports to 20 million barrels per year in the future.