The South Korean government has stated that the nation's crude oil supply remains stable, even if shipping through the Red Sea is disrupted, and does not anticipate any major interruptions.
The Ministry of Trade, Industry and Energy announced on Tuesday that South Korea's crude oil supply is secure despite renewed tensions in the Middle East, pledging to closely monitor key shipping routes in the region.
The ministry indicated in a statement that the confirmed volume of crude oil supply for July and August has reached 110% of the level from the same period last year, with supply for September secured at 90%.
It also noted that since the United States and Iran signed a peace memorandum of understanding in June, six oil tankers bound for South Korea have passed through the Strait of Hormuz, with three having already arrived in the country.
Senior ministry official Yang Gi-uk stated that there are no significant concerns regarding crude oil supply until the end of September. He expressed the view that even if Red Sea shipping is obstructed, large-scale supply disruptions are not expected.
Concerns within the oil industry have been growing over the potential for Red Sea shipping disruptions after Iran-backed Houthi forces in Yemen declared a maritime blockade against Saudi Arabia. The Red Sea is a crucial alternative shipping route to the Strait of Hormuz.
Yang Gi-uk mentioned that there are currently no issues with Red Sea shipping, and authorities are closely monitoring the situation.
He added that no special countermeasures have been implemented at this stage because a Red Sea blockade has not yet materialized. However, he warned that if the route were to be cut off, the situation would deteriorate rapidly, necessitating the search for alternative transport routes such as the Suez Canal.
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