South Korea Secures Oil Amid Middle East Tensions
South Korea has secured 74.62 million barrels of crude oil for May, equivalent to 87% of its average monthly imports last year. The country has reduced reliance on Middle Eastern crude imports from 69% to 56%. Concerns over asphalt supplies have prompted schedule adjustments to avoid disruptions.
- Country:
- South Korea
South Korea has taken a strategic step to stabilize its energy supplies amidst ongoing instability in the Middle East. On Friday, the presidential Blue House announced the procurement of 74.62 million barrels of crude oil for May, representing about 87% of the country's average monthly imports last year.
Presidential chief of staff Kang Hoon-sik highlighted a significant reduction in dependence on crude imports from the Middle East, now at 56%, down from 69%. This move marks a substantial shift in the nation's energy sourcing strategy.
Despite these efforts, Kang expressed ongoing concerns regarding asphalt supplies, urging the government to adjust construction schedules to prevent potential disruptions in the sector.
(With inputs from agencies.)
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