The South Korean government is taking steps to secure energy supplies from outside the Middle East in response to escalating tensions in the region that could lead to the closure of the Strait of Hormuz.
On the 3rd, the South Korean government announced its intention to pursue energy supply sources outside the Middle East due to increasing concerns over energy supply disruptions following U.S. and Israeli airstrikes against Iran. During a conference call chaired by Deputy Minister Lee Hyung-il, it was emphasized that while tensions surrounding the Strait of Hormuz are rising, there have been no unusual incidents reported regarding the safety of South Korean vessels in the Middle East. The government confirmed it has adequate reserves of crude oil and petroleum products, holding a total of 208 days’ worth of stockpiles. However, they are proactively looking into securing alternative sources in case the Strait becomes blocked.
