![An oil tanker transits the Strait of Hormuz. [Photo=Yonhap]](https://image.ajunews.com/content/image/2026/04/21/20260421112720515421.jpg)
Yang Gi-uk, director general for industrial resources and security at the Ministry of Trade, Industry and Energy, said at a Middle East war response task force briefing on the 21st that some domestic refiners under contract had been notified of Kuwait’s move.
“With the Strait of Hormuz blocked since the Middle East war, force majeure will not affect us,” Yang said.
Kuwait Petroleum Corp., the state-run oil company, sent letters to counterparties on the 16th notifying them it was invoking a force majeure clause. The company said the blockade of the Strait of Hormuz has prevented tankers from entering and leaving the Persian Gulf, making it difficult to meet scheduled deliveries on time.
Yang said the declaration appeared tied to contract procedures as April loading dates were ending, rather than damage to refining facilities. He added that if the strait remains blocked, Kuwait could declare force majeure again for subsequent volumes.
Officials also played down the likelihood of additional imports of Russian crude and petrochemical products following U.S. sanctions relief. The United States on the 17th (local time) extended a further one-month easing of sanctions related to exports of Russian crude and petroleum products. While any related transactions must be completed within a month, refiners and others have secured 70 million barrels of alternative supplies through the end of May.
Yang said some risk had been reduced by the U.S. move, but “EU risk remains.” He said interest is low because domestic vessels often rely on EU insurers, creating additional exposure.
On additional naphtha imports, Yang said companies are reviewing volumes based on experience from last month’s sanctions easing, but are also seeking alternative supplies. “We do not see companies rushing in as if their survival depends on it,” he said.
Regarding the fourth round of the oil products price cap set to take effect at midnight on the 24th, Yang said it was an emergency measure chosen amid unstable global oil prices. He said the government is preparing to make decisions by weighing household economic conditions, the fiscal burden, demand reduction and consumption patterns by fuel type.
The ministry said Japan’s gasoline prices are 23.8% lower than South Korea’s and diesel prices are 28.3% lower. In the United States, gasoline prices are 20.8% lower, but diesel prices are 8.7% higher.
Yang said Japan is believed to be deploying subsidies on a massive scale, while the United States has seen larger price increases than South Korea. He said South Korea should assess whether other countries are suppressing prices through caps by reviewing overseas cases.
Asked about speculation that gasoline prices could rise more sharply to manage demand, Yang said gasoline and diesel consumption are moving differently and it is difficult to discuss price increases or cuts now. He said a decision would be made after considering various views.
On a Malta-flagged tanker that recently exited the Strait of Hormuz and is heading to South Korea, Yang said it was not among the seven tankers in the Persian Gulf previously announced by the ministry. He said it had been excluded because the government judged the likelihood of receiving the cargo to be low, calling it “a highly exceptional situation.”
* This article has been translated by AI.
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