South Korean premier orders early crude stockpiling amid renewed Middle East unrest
Prime Minister Han Seong-sook directed officials to secure additional crude supplies for the coming months as tensions flare in the Middle East.
In an emergency economic meeting, Prime Minister Han Seong-sook instructed South Korean officials to proactively lock in crude oil supplies for the next several months, citing a resurgence of conflict in the Middle East. While current agreements already meet demand through October at more than 90 percent of the previous year’s volume, she emphasized the need to arrange additional contracts in case the regional tension persists.
Han also ordered vigilant tracking of key maritime routes, specifically the Strait of Hormuz and the Red Sea, as well as the supply-demand balance of essential raw materials. The cabinet was asked to mitigate the impact of rising oil prices on domestic consumers, especially before the upcoming Chuseok holiday. Additionally, she called for a firm response to any actions that could destabilize price stability. The measures aim to safeguard South Korea’s energy security and protect household purchasing power.
