Seoul: South Korea has secured around 50 million barrels of alternative oil supplies for this month to replace supplies from the Middle East blocked due to the effective closure of the Strait of Hormuz, government officials said Thursday.
According to Qatar News Agency, the government and oil refineries are working to secure alternative oil supplies from different countries. Deputy Minister for Trade, Industry and Resource Security Yang Ghi-wuk stated in a regular briefing on energy supply that Seoul has been reaching out to Saudi Arabia, Oman, Kazakhstan, the United States, and other countries.
About 80 million barrels of oil usually arrive in South Korea each month under normal circumstances. Currently, around 50 million barrels have been tentatively secured for this month, with expectations for increased alternative supplies in May, as reported by South Korea's Yonhap news agency, quoting Yang.
To address the shortfall, the government is managing demand and facilitating supplies through a crude oil swap system with private companies. Yang noted that the government will maintain close monitoring of the market to ensure stability in oil supplies.