SEOUL, Nov. 2 (Yonhap) — South Korea’s industry ministry said Thursday it convened a meeting with relevant authorities to assess supplies of oil and gas as worries increase over price instability caused by the intensifying Israel-Hamas conflict.
“Though there have been apprehensions about prices at the start of the fight, no disruptions have been noticed yet,” Yoo Beop-min, director general of the ministry’s resources policy, said at the gathering.
Prices of gasoline and diesel remain “fairly steady,” with global oil prices staying lower than their peak levels before the battle, the ministry noted.
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 suggested eight-month supply, as prescribed by the International Energy Agency, it added.
colin@yna.co.kr
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