PM orders preemptive securing of crude amid rekindled Middle East tensions

Seoul, September 10 - Prime Minister Han Seong-sook has directed economic officials to pre-emptively secure crude supplies for the upcoming months, as heightened tensions in the Middle East have reignited. During an urgent economic summit, Han reported that sufficient crude has been procured to last until October, surpassing 90% of last year's levels.

However, she emphasized the need for continued efforts to secure supplies beyond October, should the Middle East tensions persist. Additionally, she requested officials to keep a close eye on the status of crucial shipping lanes in the Strait of Hormuz and the Red Sea, alongside tracking the supply and demand dynamics of vital raw materials, all while striving to mitigate the impact of escalating oil prices.

Furthermore, Han stressed the importance of maintaining consumer price stability in the lead-up to the upcoming Chuseok holiday and vowed a firm response to any actions that threaten price stability.