Oil Supply
South Korea secures 273 million barrels of crude oil, 2.1 million tons of naphtha by year-end
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Presidential chief of staff Kang Hoon-sik announced that South Korea has secured 273 million barrels of crude oil and 2.1 million tons of naphtha by year-end from four nations: Oman, Saudi Arabia, Qatar and Kazakhstan. The volumes equate to more than three months of oil and one month of naphtha based on last year's consumption. The supplies will be shipped via alternative routes avoiding the blockaded Strait of Hormuz.
The government has extended its crude oil swap system with private firms until the end of June amid uncertainties around the Strait of Hormuz. The system was introduced in April to stabilize fuel supplies.
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The United Arab Emirates and Japan have agreed to promote cooperation aimed at securing a stable crude oil supply amid the closure of the Strait of Hormuz.