The Korea Times
Korea has secured over 74 million barrels of crude oil for May, presidential chief of staff Kang Hoon-sik said Friday, easing concerns over oil supply disruptions. Kang made the announcement in a press briefing at Cheong Wa Dae, saying the government is making all-out efforts to secure additional supplies amid growing uncertainties surrounding the war in the Middle East. "For May, we have secured 74.62 million barrels of crude oil — equivalent to 87 percent of last year's monthly average — so there is little need to be concerned over supply disruptions," he said. By securing additional oil supplies from Africa and North America, Seoul has reduced its dependence on the Middle East from 69 percent to 56 percent, Kang added. Additionally, Korea has diversified shipping routes to those that bypass the Strait of Hormuz, a vital route for the country's imports of crude oil. "The decision to import 23.99 million barrels from Saudi Arabia and 16 million barrels from the United Arab Emirates in May via alternative supply routes that bypass the Strait of Hormuz is the result of the government a
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