The Korea Herald


Industry ministry checks supplies of oil, gas over Middle East conflict

By Yonhap

Published : Nov. 2, 2023 - 11:12

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A view of gas station in Seoul (Yonhap) A view of gas station in Seoul (Yonhap)

South Korea's industry ministry said Thursday it held a meeting with relevant authorities to check supplies of oil and gas as concerns grow over price volatility due to the widening Israel-Hamas war.

"There have been concerns over prices in the early stages of the conflict, but no disruptions have been reported so far," Yoo Beop-min, director general of the ministry's resources policy, told the meeting.

Prices of gasoline and diesel currently remain "relatively stable," with global oil prices remaining below their peak levels observed before the conflict, the ministry said.

The ministry said South Korea plans to release its oil reserves, and diversify imports in case of a contingency.

South Korea currently maintains oil reserves exceeding the recommended eight-month supply, as recommended by the International Energy Agency, it added. (Yonhap)