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 cautiously relax diesel export limits starting in November, contingent on sustaining stable domestic supply, the industry ministry announced on Thursday. The Ministry of Trade, Industry and Resources disclosed that the government will permit diesel exports to reach up to 110 percent of the quantity exported in the same month a year ago, an increase from the existing 100 percent cap.
The expanded cap will only take effect when oil refiners meet their domestic supply commitments and maintain sufficient inventories, according to the ministry.
Korea instituted export restrictions on fuel commodities after implementing an oil price cap system in March to ensure consistent domestic availability. Recently, domestic oil refiners have urged the relaxation of these restrictions. The industry ministry affirmed that crude supplies remain steady, citing crude import volumes for October and November that equaled at least 100 percent of the monthly average from the previous year.
Given the persisting tensions in the Middle East, the government will diligently monitor petroleum product supplies and promptly revert to the original cap if there are any additional supply concerns.
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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