Korea National Oil Corporation Activates Oil Crisis Response Task Force... Inspects Storage Bases

Emergency Response to Israel-Hamas Armed Conflict

Readiness for Release and On-Site Inspection of 9 Oil Reserve Facilities

Korea National Oil Corporation (President Kim Dong-seop) has formed an 'Oil Crisis Response Task Force' in preparation for a potential oil crisis situation arising from the armed conflict between Israel and Hamas. The corporation is currently conducting readiness checks for the release of reserved oil and on-site safety inspections at domestic oil storage facilities.

On the 7th, the geopolitical conflict in the Middle East escalated due to the invasion of Israel by the Palestinian armed group Hamas, increasing uncertainty in the oil market, including international oil prices.

On the 20th, the Oil Corporation announced that it is operating the Oil Crisis Response Task Force to prepare for rapidly changing situations.

Park Hyun-gyu, Head of the Stockpiling Business Division at Korea National Oil Corporation (far left), is conducting an on-site inspection of stockpiled oil release readiness and facility safety at the Ulsan Oil Stockpiling Base.

The Oil Crisis Response Task Force is composed of five teams: the 'General Team,' 'Monitoring Team,' 'Strategic Reserves Team,' 'Overseas Crude Oil Import Team,' and 'International Joint Reserves Team.'

They maintain a constant response system to immediately address crisis situations by monitoring crisis signs and checking response readiness, inspecting the readiness for the release of strategic reserves, and reviewing overseas crude oil import plans according to different crisis stages.

If the armed conflict between Israel and Hamas escalates to other Middle Eastern regions and the crisis deepens, the Oil Corporation plans to release strategic reserves in accordance with government policies to stabilize domestic oil supply and demand.

The Oil Corporation is conducting readiness checks for the release of reserved oil and on-site safety inspections at all nine storage bases to ensure the smooth release of strategic reserves during supply crises.

An on-site inspection was conducted at the Ulsan storage base on the 18th, and inspections of the remaining storage bases are planned to be completed by the 27th.

In line with the government's extension of the fuel tax reduction measure, the Oil Corporation plans to visit around 200 gas stations by the end of the year to check for any discrepancies between the publicly disclosed prices on OPINET and the actual selling prices. They will encourage the reflection of the fuel tax reduction in selling prices and strive to stabilize oil prices.

This content was produced with the assistance of AI translation services.