PM orders preemptive securing of crude amid rekindled Middle East tensions
Prime Minister Han Seong-sook instructed economic officials Thursday to preemptively secure crude supplies for the coming months, citing rekindled tensions in the Middle East. Han said during an emergency economic meeting that enough crude has been secured through the end of October — at levels exceeding 90 percent of last year's — but more efforts should be made to secure supplies for thereafter…
The Korean government, under Prime Minister Han Seong-sook, has ordered preemptive measures to secure crude supplies amid a resurgence of tensions in the Middle East. During an emergency economic meeting, Han emphasized the country's current crude stockpile, which exceeds 90 percent of last year's levels, but stressed the need for continued efforts to secure supplies beyond October should the tensions persist.
In addition to monitoring key shipping routes in the Strait of Hormuz and the Red Sea, as well as raw material supply and demand, the government is tasked with mitigating the effects of rising oil prices and ensuring price stability, particularly ahead of the upcoming Chuseok holiday.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Brent crude oil rises above $100 a barrel as Middle East conflict intensifies myjoyonline.com
- Singapore terror threat remains high as Middle East conflicts fuel radicalisation, says Internal Security Dept malaymail.com
- PM orders preemptive securing of crude amid rekindled Middle East tensions en.yna.co.kr
- PM orders preemptive securing of crude amid rekindled Middle East tensions koreatimes.co.kr
- Brent crude oil rises above $100 a barrel as Middle East conflict intensifies al-monitor.com
- US considers reducing military presence in Middle East dailytimes.com.pk
- Oil prices surge toward $100 as Middle East escalation heightens supply fears 3news.com
- Canadian pump prices creep higher as Middle East fighting escalates cbc.ca
