S Korea Prepares for Oil Supply Crisis in Middle East

South Korea's government has announced it will mobilize all available policy tools to secure oil supplies in case of a crisis in the Middle East. The Ministry of Trade, Industry and Energy held an emergency meeting on Sunday, chaired by Minister Kim Jung-kwan, who reviewed the current status of resource imports and inventory levels.

The meeting focused on contingency plans for each commodity in a worst-case scenario where both the Strait of Hormuz and the Bab el-Mandeb Strait are disrupted simultaneously. For domestic oil imports, volumes secured for August and September already exceed last year's average, but preparations will be needed to secure supplies for October and beyond.

Minister Kim directed officials to work closely with the refining industry on alternative routes, including the Suez Canal and Egypt's Sumed pipeline. He also instructed them to prepare to immediately resume the strategic oil reserve swap system if necessary.