Despite the prolonged conflict in the Middle East and the blockade of the Strait of Hormuz, South Korea's crude oil imports have rebounded quickly, ensuring stability in the supply of petroleum products. This recovery is attributed to government support for oil supply and strategic oil swaps.
According to the Korea Petroleum Association, crude oil imports in July increased by 9.8% compared to the same month last year. This marks a rapid recovery from a low of approximately 64.5 million barrels in April, the lowest level since 2010, at the onset of the Middle East conflict.
The association cited proactive measures by the government and companies to secure oil supplies as key factors in maintaining a steady supply of essential petroleum products such as gasoline, kerosene, and diesel, preventing any disruptions for the public.
Additionally, South Korean refiners are also playing a role in addressing oil supply shortages in allied countries, responding to requests from nations like Australia and New Zealand amid a global oil supply crisis.
A representative from the Korea Petroleum Association stated, "The refining industry will do its utmost to stabilize domestic prices and supply until global oil supply issues are resolved, while also contributing to the stabilization of global petroleum product supplies."
* This article has been translated by AI.
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