During a press briefing at Cheong Wa Dae in central Seoul on Friday, Kang said, "South Korea has secured about 74.62 million barrels of crude oil, which is equivalent to roughly 87 percent of last year's monthly average," adding that the government is "making every effort" to secure additional supplies amid the prolonged conflict in the Middle East.
He also said that the country is diversifying the shipping routes and sources of its oil imports, adding that additional supplies from Africa and North America have reduced reliance on the Middle East from 69 percent to 56 percent.
Stressing that the government is closely monitoring supplies of petrochemical products such as naphtha, plastics and vinyl bags on a daily basis, Kang said South Korea plans to import 23.99 million barrels from Saudi Arabia and 16 million barrels from the United Arab Emirates (UAE) in May via alternative routes that do not involve the Strait of Hormuz, a critical chokepoint for roughly one-fifth of the world's oil supply.
He also said that about 2.1 million tons of naphtha secured through a special envoy's visit would be brought in stages starting at the end of this month, expressing some optimism about supply conditions in about a month or so.
But he remained cautious, saying the impact of higher prices "may only be beginning," citing rising global oil and raw material prices.
"We cannot let our guard down," he said, adding that inflation would weaken purchasing power and slow the domestic recovery.
He also pledged to implement a supplementary budget to support those hit by soaring oil prices.
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