Cheong Wa Dae said April 24 that South Korea has secured 74.62 million barrels of crude oil for May — about 87% of last year’s monthly average imports — easing concerns about supply disruptions as the war in the Middle East drags on.
Kang Hoon-sik, the presidential chief of staff, said at an emergency economic briefing at the Chunchugwan press center that the government is “staking everything” on securing alternative crude supplies. He said South Korea has diversified not only suppliers but also tanker routes, and has obtained additional volumes from the Americas and Africa, cutting reliance on the Middle East by 13 percentage points, from 69% to 56%.
For May, the government plans to import 23.99 million barrels from Saudi Arabia and 16 million barrels from the United Arab Emirates via alternative routes not involving the Strait of Hormuz.
Kang called it the result of a rapid joint response by the government and private sector, saying the recovery trend is continuing on the back of strong semiconductor exports and swift government action. He added that major foreign media outlets, including The Wall Street Journal, and international investment banks have positively assessed South Korea’s response to the energy crisis and raised growth forecasts.
Still, Kang warned that the impact of inflation may only be beginning. “International oil and raw material prices remain high. We cannot let down our guard,” he said. He said rising prices weaken purchasing power and can undermine a recovery in domestic demand, and pledged to ensure swift execution of the supplementary budget, including support payments for damage from high oil prices.
He said the government is mobilizing all available administrative resources so companies can operate normally without worrying about raw materials and the public can maintain daily life.
On naphtha, Kang said measures in the supplementary budget — including support for the gap in import unit prices — are being implemented, and that 2.1 million tons secured through a special envoy’s visit will be brought in in stages starting late this month. He said the government expects the risk indicator to shift to yellow — meaning 2 to 3 months of supply — starting about a month from now.
* This article has been translated by AI.
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