Government: "Middle East situation worsening... No significant impact on oil and gas imports so far"

Ministry of Industry Holds Emergency Situation Inspection Meeting

Last month on the 31st, as the top leader of Hamas was assassinated in Tehran, Iran, intensifying instability in the Middle East situation, the government checked the response readiness of agencies and industries to prepare for various scenarios arising from the Middle East instability.

The Ministry of Trade, Industry and Energy announced that on the 2nd, it held an emergency situation review meeting at the Korea Petroleum Association with related agencies, industries, and experts to check the current status of Middle Eastern oil and gas supply and demand, the impact on oil prices, and emergency response readiness.

An official from the Ministry of Trade, Industry and Energy explained, "Regarding this situation, there has been no significant impact on domestic oil and gas imports so far, and it has been confirmed that oil tankers and liquefied natural gas (LNG) carriers are operating normally. The government and industry are currently preparing for emergencies with sufficient gas stockpiles exceeding about seven months of sustainable reserves and the legally mandated stockpile volume."

The government plans to consider implementing various measures such as releasing stockpiled oil, encouraging diversification of import sources, and securing alternative routes according to the response manual if the Middle East situation escalates and supply disruptions occur.

According to the Ministry of Trade, Industry and Energy, immediately after the incident on the 31st of last month, international oil prices (Brent) rose short-term, recording $80.72 per barrel, up about 2.6% compared to the previous day. However, on the 1st, it fell 1.6% to $79.52. The Ministry forecasts that whether oil prices rise will be determined by the responses of related countries such as Iran and Israel.

Yoon Chang-hyun, Director General of the Resource Industry Policy Bureau at the Ministry of Trade, Industry and Energy, said, "About 72% of the crude oil and about 32% of the gas imported by our country are supplied from the Middle East, so the situation in the Middle East is closely related to domestic energy security. The government, industry, and agencies will proactively prepare for emergencies and respond thoroughly to ensure that there is no disruption in domestic energy supply even in emergencies."

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