Korea secures 50 mil. barrels of alternative oil supplies for April: officials

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, vowing continued efforts to stably manage energy supplies. The government and oil refineries are working hard to secure alternative oil supplies from different countries, Yang Ghi-wuk, deputy minister for trade, industry and resource security, said in a regular briefing on energy supply, noting that Seoul has been knocking on doors of Saudi Arabia, Oman, Kazakhstan, the United States and other countries. Yang said about 80 million barrels of oil arrive in Korea each month when things run as usual, but around 50 million barrels have been tentatively secured at the moment for this month, with alternative supplies expected to increase in May. To cover the shortfall, the government is controlling the demand and working to help with supplies through a crude oil swap system with private companies, he added, noting the government will continue close monitoring of the mark

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