Korea to conditionally ease diesel export restrictions amid stable crude supplies
Korea will ease export restrictions currently imposed on diesel starting in November on condition that domestic supply remains stable, the industry ministry said Thursday. The Ministry of Trade, Industry and Resources said the government will allow diesel exports of up to 110 percent of the volume recorded in the same month a year earlier, up from the current cap of 100 percent. The higher cap…
Korea plans to ease diesel export restrictions starting in November, but only if domestic supply remains stable, according to the Ministry of Trade, Industry and Resources. The government will permit diesel exports up to 110% of the volume recorded in the same month last year, compared to the current limit of 100%. This higher cap will only be applied when oil refiners meet their domestic supply obligations and keep sufficient inventories.
Korea introduced diesel export restrictions in March when it implemented an oil price cap system to maintain stable domestic supply. Recently, local oil refiners have been urging for the restrictions to be lifted. The industry ministry stated that crude supplies remain stable, citing crude import volumes for October and November at least equal to 100% of the monthly average from the previous year.
With ongoing tensions in the Middle East, the government remains vigilant about petroleum product supplies and will promptly revert to the previous cap if supply concerns arise.
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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