US EditionKorea secures extra supply of crude oil from UAE: presidential aide
10 Articles
10 Articles
One of the most immediate consequences of the Middle East war is the rise of oil. On his visit to the LN+ studies, economist Fausto Spotorno explained how the increase in the price of the barrel alters the economic board of major powers and identified the countries that are unharmed from the war conflict. “The price of the barrel is US$100 means that the market is raising a category within the risk scenario,” Spotorno said. “And the biggest prob…
South Korea Secures Crude Oil Lifeline Amid Middle East Crisis
South Korea has secured a pledge from the UAE for 24 million barrels of crude oil amid the Middle East crisis. As the world’s fourth-largest oil importer, South Korea is prioritizing supply stability and plans measures to mitigate high energy costs and potential supply disruptions.
Middle East war: South Korea secures extra 18 milion barrels of oil from UAE
West Asia war: South Korea will receive an additional 18 million barrels of oil from the United Arab Emirates. This move aims to secure supplies as the Iran war disrupts global oil routes. About 70 percent of South Korea's crude oil imports pass through the Strait of Hormuz. The UAE will supply oil via UAE-flagged and Korea-flagged vessels.
Amid the deepening global energy supply crisis stemming from the situation in the Middle East, the government decided on the 18th to urgently import an additional 18 million barrels of crude oil from the United Arab Emirates (UAE). Combined with the 6 million barrels previously confirmed for emergency import, the total reaches 24 million barrels. Given that Korea's daily crude oil consumption is approximately 2 to 3 million barrels, this effecti…
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