Photo : YONHAP News
Trade minister Kim Jung-kwan has indicated that the nation will be able to smoothly secure by July crude oil supplies needed for August.
During a Cabinet meeting chaired by President Lee Jae Myung on Tuesday, Kim said the projected amount of crude oil imports for August is steadily rising, adding that the nation is expected to reach by July the mid-80 percent range of normal levels.
The minister said that compared to the same period last year, the nation had secured 86 percent of crude oil supplies between May and July and 83 percent of naphtha volumes.
In terms of liquefied natural gas, Kim said the government had already secured alternative volumes from the U.S. and Northeast Asia to be used until the end of the year.
The minister apparently was downplaying concerns that a crisis in crude oil supply could occur in August if the shutdown of the Strait of Hormuz continues through South Korea’s midsummer season.