South Korean officials say crude oil supply remains controllable, government prepared to release petroleum reserves in mid-April

MaticHoleFiller

2026-03-24 11:35:48

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According to a report from a South Korean Ministry of Trade, Industry, and Energy official, despite growing concerns in the market about potential crude oil shortages in April, South Korea believes that with existing reserves and alternative supplies, the oil supply situation remains manageable.

The official stated that 24 million barrels of crude oil from the UAE will arrive gradually by the end of March.

Additionally, the government plans to release strategic oil reserves in mid-April, at which point private inventories are expected to be depleted.

Authorities will discuss with refineries to redirect naphtha exports for domestic use.

Although the United States has eased sanctions, refineries remain cautious about importing Russian crude oil.

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