Khaberni - Seoul announced its reduction of dependency on oil supplies from the Middle East and its purchase of millions of barrels from Saudi Arabia and the UAE through alternative routes that surpass the Strait of Hormuz.
South Korea has secured over 74 million barrels of crude oil for the upcoming month of May, which has alleviated local authorities’ concerns regarding oil supply disruptions.
The head of the Presidential Secretariat Office in South Korea, Kang Hun Sik, stated that the government "is making every effort to secure additional supplies amid the worsening uncertainty caused by the war in the Middle East."
Kang added during a press conference: "We have secured 74.62 million barrels of crude oil for May, which is equivalent to 87% of last year's monthly average, so there is no need to worry about supply disruptions."
He added that by securing additional oil supplies from Africa and North America, Seoul has decreased its dependency on the Middle East from 69% to 56%.
Additionally, South Korea has diversified its shipping routes to include paths that surpass the Strait of Hormuz, which is a vital passageway for the country’s imports of crude oil.
Kang continued: "The decision to import 23.99 million barrels from Saudi Arabia and 16 million barrels from the United Arab Emirates in May through alternative supply routes that bypass the Strait of Hormuz is the result of a fast joint response from both the government and the private sector."
He said: "But we cannot be complacent yet," pointing to the rise in oil and raw material prices as potential risks. He added: "We are making every effort to secure alternative crude oil supplies."
