Seoul: The government announced on Monday that there will not be significant disruptions in oil supply next month. Officials assured that alternative shipments have been secured and strategic reserves are planned to be released, addressing industry concerns amidst the ongoing Middle East crisis.

According to Yonhap News Agency, domestic refiners and petrochemical companies had anticipated tighter oil supplies by April. These projections were based on current stock levels, which are expected to last four to five weeks, and crude imports from non-Middle East sources such as the United States and Australia. Yang Gi-uk, an official at the Ministry of Trade, Industry and Energy, noted the unprecedented rise in international oil prices, with Dubai crude reaching US$158 per barrel-an increase surpassing the surge during the Russia-Ukraine conflict in 2022.

Despite these challenges, the government is actively monitoring crude inventories and is confident that alternative shipments and the strategic release of reserves will avert any major supply issues. Yang stated that while crude imports in April might decline compared to usual levels, the planned measures are expected to mitigate significant supply disruptions.

The official highlighted that local refiners have secured shipments through alternative routes that circumvent the Strait of Hormuz, a crucial energy passage currently closed due to regional tensions. Yang mentioned planned imports from the United Arab Emirates, with 4 million barrels scheduled to arrive in two shipments at the end of March and on April 1. An additional 18 million barrels are slated to arrive gradually from early to mid-April.

On the matter of Russian crude oil imports, Yang indicated that domestic refiners remain cautious, citing concerns over quality, financial settlement risks, and the possibility of secondary sanctions.