Saudi pipeline shutdown to have limited impact on supply in short term: gov't

Seoul, September 14 (Yonhap) - The closure of a key oil pipeline in Saudi Arabia is anticipated to have only a modest impact on supply in the immediate future, according to the industry ministry. The ministry pledged to keep a close eye on the situation in collaboration with relevant businesses. The Ministry of Trade, Industry and Resources convened a meeting with businesses to explore strategies for addressing the growing tensions in the Middle East, following an assault on Saudi Arabia's essential East-West pipeline.

Industry officials reported that local oil refiners have secured over 90 percent of the crude oil required for September and October, comparing it to the previous year's levels. They emphasized that the recent events are projected to result in minimal supply shortages. The government affirmed its commitment to ongoing monitoring of developments in the Middle East while providing support to shipping companies exploring alternative routes.

Vice Industry Minister Moon Shin-hak stated that the government will maintain close communication with oil refiners and maritime shippers, continuously monitoring supply conditions to prevent any public inconvenience. Additionally, South Korea will leverage all available policy measures, such as a crude oil swap system with private enterprises, as stated by Moon Shin-hak.