Saudi pipeline shutdown to have limited impact on supply in short term: gov't
The recent shutdown of a major oil pipeline in Saudi Arabia is expected to have only a limited impact on supply in the short term, the industry ministry said Monday, pledging to closely monitor the situation in cooperation with relevant businesses. The Ministry of Trade, Industry and Resources hosted a meeting with businesses to discuss ways to address escalating tensions in the Middle East,…
A major oil pipeline shutdown in Saudi Arabia is anticipated to have a minimal impact on supply over the next few months, according to the government ministry responsible for industry. The Ministry of Trade, Industry and Resources convened a meeting with businesses on Monday to discuss strategies for navigating the escalating tensions in the Middle East, which include an assault on Saudi Arabia's key East-West pipeline.
The ministry disclosed that local oil refiners have secured over 90 percent of the crude needed for September and October, based on last year's figures. They emphasized that the recent events are projected to result in negligible supply shortages.
The government pledged to maintain close monitoring of the situation in the Middle East while supporting shippers exploring alternative routes. Vice Industry Minister Moon Shin-hak stated that the government will work closely with oil refiners and maritime shippers while closely tracking supply conditions to avert any inconvenience for the public. Korea will also utilize alternative methods.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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