Anchor: South Korea’s energy security crisis warning for crude oil will be lowered a notch, from “alert” to “caution,” as peace negotiations between the U.S. and Iran have significantly eased global oil shortage concerns. The government says it also plans to remove emergency measures such as public sector vehicle restrictions, to ease public inconvenience and mitigate broader economic impacts.
Rosyn Park has more.
Report: The Lee Jae Myung administration has decided to lower the nation’s energy security crisis warning for crude oil by a notch in the four-tier system to Level Two, or “caution,” reflecting the framework agreement reached by the United States and Iran to end their war and the subsequent stabilization of energy supply and demand.
Vice Industry Minister Moon Shin-hak announced the change Tuesday during a Cabinet meeting at Cheong Wa Dae.
He said the liquefied natural gas(LNG) alert will be fully lifted.
Moon explained that crude imports to the country have increased by way of Saudi Arabia and the United Arab Emirates through routes that bypass the Strait of Hormuz.
Shipments of non-Middle Eastern crude have also expanded due in part to oil reserve swaps, mainly from the U.S.
As the Mideast conflict is nearing a potential end, leading to some oil relief, South Korea says it has secured over 100 percent of its standard crude oil supplies and more than 95 percent of its naphtha for July, as well as sufficient supplies of LNG through the end of the year.
In line with the downgraded alerts, the Ministry of Climate, Energy and Environment will also lift the odd-even vehicle rotation system for the public sector and related restrictions at public parking lots, reducing constraints that affect daily life.
Rosyn Park, KBS World Radio News.
Source: KBS World News
