Korea likely to avoid tapping oil reserves through May

Korea will be able to weather ongoing energy supply uncertainties without tapping oil reserves through April and May, Industry Minister Kim Jung-kwan said Sunday. The government has secured sufficient crude oil supplies, supplemented by voluntary reserves held by private firms, according to him. He said the government was compelled to release strategic reserves during the Russia-Ukraine war, but this time, conditions are more stable. “We expect to pass through the coming months without taking such measures,” he said during a televised show. Regarding seven oil tankers currently delayed in the Strait of Hormuz, Kim remained cautious, saying that “the situation remains unpredictable, while the government makes efforts to resolve the issue.” As an alternative, the government is preparing to utilize routes through the Red Sea via Saudi Arabia’s Yanbu port. Kim noted that Korea’s Cheonghae Unit, including the Navy destroyer Dae Jo-yeong, may escort domestic vessels to ensure safe passage. He also emphasized that Saudi Arabian authorities have pledged to prioritize crude allocations

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