South Korea Secures Over 70 Million Barrels of Crude Oil for May, Reducing Reliance on Middle East

Central News Agency (Reporter Yang Qi-fang, Seoul, 24th) - Amid instability in crude oil supply caused by the Middle East war, South Korean Presidential Chief of Staff Kang Hoon-sik announced today that 74.62 million barrels of crude oil have been secured for May, indicating the success of efforts to find alternative procurement sources. He also noted that the current dependency on Middle Eastern crude oil has decreased to 56%.

According to Yonhap News Agency, South Korean Presidential Chief of Staff Kang Hoon-sik stated today that the current crude oil supply is not a cause for major concern, and full efforts are being made to secure alternative crude oil supplies. 74.62 million barrels of crude oil have been secured for May, equivalent to 87% of last year's monthly average import volume.

The report pointed out that after the outbreak of the Middle East war, crude oil in April was only 57% of the past average. This achievement is interpreted as the success of alternative procurement efforts. Kang Hoon-sik stated, "Through additional supplies from the Americas, Africa, and other regions, the dependency on Middle Eastern crude oil has been reduced from the original 69% to 56%, a decrease of 13 percentage points."

Kang Hoon-sik emphasized that not only have crude oil importing countries and tanker routes been diversified, but 23.99 million barrels from Saudi Arabia and 16 million barrels from the United Arab Emirates have been confirmed for import in May, transported via alternative routes that do not pass through the Strait of Hormuz. "This is the result of rapid response through public-private cooperation."

Regarding the supply of other raw materials, Kang Hoon-sik said that taking naphtha as an example, 2.1 million tons had been secured during his visit to the Middle East as a special envoy for strategic economic cooperation. If imports begin sequentially from the end of this month, the current red alert will turn yellow, and the operating rate of petrochemical companies is expected to increase.

The asphalt supply is also currently under a red alert. Kang Hoon-sik said, "The government is conducting a comprehensive investigation, adjusting project bidding schedules, and prioritizing urgent projects through public-private consultations."

Kang Hoon-sik emphasized, "Despite the uncertainties of the Middle East war, the South Korean economy remains stable and continues to move forward." He mentioned that South Korea's economic growth rate in the first quarter of this year was 1.7%, the highest in five and a half years. "Although unexpected risks were encountered, the economic recovery trend since the new government took office has been maintained, relying on the explosive growth of semiconductor production and exports, and the government's swift and decisive response." (Edited by Hsieh Yi-hsuan) 1150424

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