During a daily press briefing in Seoul, the ministry also said the country has secured enough naphtha, a key raw material used to make plastics and other petrochemical products, to cover more than 100 percent of expected demand for November. Talks on supplies for next month are under way, but more than 90 percent of projected demand has already been secured.
That suggests South Korea has secured most of its near-term energy supplies despite continued uncertainty over shipments from the Middle East.
Meanwhile, international oil prices have dropped sharply in recent days as investors grew more optimistic that tensions between the U.S. and Iran could ease.
Brent crude futures fell US$5.75 to $92.57 a barrel earlier this week, while West Texas Intermediate (WTI) futures lost $3.98, or 4.4 percent to close at $86.85 on the New York Mercantile Exchange. Both benchmarks extended their declines in after-hours trading on Monday, with Brent dropping more than $7 a barrel from the previous session to its lowest level since late August.
The decline followed remarks by U.S. President Donald Trump, who said in a CNN interview last Sunday that renewed strikes on Iran were "highly unlikely" as long as negotiations to end the conflict continued to make progress.
His comments eased concerns about a further escalation of the conflict and possible disruptions to oil shipments from the region, although it remains to be seen when the prolonged conflict will come to an end.
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