South Korea assesses impact of Saudi pipeline shutdown on supplies
South Korea expects that the shutdown of a major oil pipeline in Saudi Arabia will have only a limited short-term impact on oil supplies. This was reported by the Korea Herald, citing the country’s Ministry of Trade, Industry and Energy.
Stocks for September and October
The ministry held a meeting with business representatives on responding to rising tensions in the Middle East, particularly following an attack on the important Saudi East-West pipeline.
According to the ministry, South Korean refiners have already secured more than 90% of the crude oil volumes needed for September and October, compared with last year’s level. The ministry believes that recent events may cause only a very minor supply shortfall.
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Alternative routes
The South Korean government said it would monitor developments in the Middle East and support shipping companies that use alternative routes.
Deputy Minister of Industry Moon Shin-hak said the authorities would maintain close contact with refiners and maritime carriers to avoid inconvenience to the public. According to him, South Korea is also ready to use all available tools, including a crude oil swap system with private companies.
