The Ministry of Trade, Industry and Energy in South Korea held an emergency meeting on Monday to assess the potential impact of the Israel-Palestine conflict on the country’s imports of crude oil and natural gas. The ministry concluded that there would be no delays or disruptions in the supply of the two key fuel sources due to the conflict, as the site of the conflict is located away from the Strait of Hormuz islands, a crucial maritime route through which oil and gas are imported to South Korea.
The government has determined that most of the crude oil and liquefied natural gas (LNG) carriers heading to South Korea are operating as normal in the Middle East, and have made efforts to ensure the secure supply of the energy sources. South Korea’s overall crude oil purchases and total gas deals are predominantly from the Middle East, making up 67 percent and 37 percent of the total respectively.
Oil prices rose 3.6 percent to US$87.7 on Monday morning, as the conflict between Israel and the Palestinian Islamist group Hamas heightens political tensions in the Middle East and raises fears of supply shortages.
This Reuters photo shows a Palestinian mosque attacked by Israel in the southern part of the Gaza Strip on Oct. 8, 2023. (Yonhap)
kyongae.choi@yna.co.kr
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