Seoul, April 7 (IANS) South Korea has secured an additional 60 million barrels of alternative oil supplies for May that will replace supplies from the Middle East that have been blocked due to the effective closure of the Strait of Hormuz, the government said on Tuesday.The country has secured a total of 110 million barrels of oil — 50 million for April and 60 million for May — so far from 17 countries, including Saudi Arabia, the United States, the United Arab Emirates, Brazil and Canada, Yan…
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Seoul, April 7 (IANS) South Korea President Lee Jae Myung’s chief of staff said he will depart for Kazakhstan, Oman and Saudi Arabia later Tuesday to discuss ways to secure crude oil and naphtha supplies amid few signs of apparent progress toward a truce in the US-Israeli war with Iran.The planned visit by presidential chief of staff Kang Hoon-sik to the region comes as the government has been seeking to secure crude oil as the traffic through the Strait of Hormuz has been effectively closed, wi…
Seoul, April 3 (IANS) The ruling Democratic Party (DP) of South Korea and the government agreed on Monday to seek the dispatch of special envoys to Saudi Arabia, Oman and Algeria to secure crude oil as the Strait of Hormuz, a key oil shipping route, is effectively closed amid the US-Israeli war with Iran.The DP lawmakers and government officials are working to secure crude oil supplies through consultations with countries that have alternative routes, Rep. Ahn Do-geol told reporters after a cons…
Seoul, April 5 (IANS) Finance Minister Koo Yun-cheol urged Gulf Cooperation Council (GCC) countries to strengthen cooperation to help stabilise energy and raw material supply chains amid prolonged tensions in the Middle East, the finance ministry said on Sunday.Koo, who also serves as deputy prime minister, met with ambassadors from the six GCC countries in Seoul on Friday at the residence of the United Arab Emirates (UAE) ambassador to discuss economic cooperation, according to the Ministry of …
New Delhi, March 17 (IANS) The disruption in the global oil market triggered by the ongoing Iran war, which has engulfed the entire Middle East, is poised to have a greater impact on products such as jet fuel and diesel than on crude, according to a Goldman Sachs Group report.“Prices have rallied much more for many refined products than for crude,” analysts Yulia Zhestkova Grigsby and Daan Struyven said in a note. The severe disruptions seen in supplies of so-called medium-heavy crude pose t…
Seoul, March 13 (IANS) South Korea’s Industry Minister Kim Jung-kwan said Friday the government’s fuel price cap system is already showing signs of stabilising prices less than a day after taking effect. Kim held a meeting with officials from South Korean oil refineries, gas stations and the Korea National Oil Corporation to review the domestic energy markets on the first day of the fuel price cap system’s implementation, Yonhap News Agency reported. The temporary cap system took effect at midni…