The government said Tuesday it will push for securing oil supplies from outside the Middle East in response to the de facto closure of the Strait of Hormuz amid ongoing U.S. and Israeli strikes on Iran, while stressing that South Korea has sufficient oil reserves.
The Ministry of Economy and Finance held an emergency response meeting on the Iran conflict with related ministries to assess the impact of the situation on South Korea and discuss a response strategy.
The ministry said no safety issues have been reported from Korean vessels operating in the Middle East and that the country holds sufficient oil reserves under a scenario in which the crisis becomes prolonged.
But in preparation for a potential full blockade of the Hormuz strait, the world's most critical oil export route, the government will work to secure additional oil supplies from regions other than the Middle East, it added.
Related
