Gov’t conducts emergency review of oil, gas supplies amid rising tensions in Middle East

The government conducted an emergency review of the country’s oil and gas supplies Friday amid escalating tensions in the Middle East following Israel’s strike on Iran, the industry ministry said, adding the country faces no immediate problem.

The Ministry of Trade, Industry and Energy held the meeting with officials from state-run energy companies, including the Korea National Oil Corp. and the Korea Gas Corp., as well as industry experts, to discuss its response strategy to the soaring international energy prices caused by heightened tensions in the Middle East.

Global oil prices had surged 10.7 percent to US$76.80 per barrel as of noon, according to the ministry, after Israeli officials said the country has carried our waves of airstrikes against Iran.

The ministry said it has checked the current status of the country’s oil and gas reserves and confirmed all oil tankers and liquefied natural gas carriers transporting energy to Korea were operating without any disruption.

“Given South Korea’s high dependence on oil and gas imports from the Middle East, developments in the region are closely tied to our energy security,” said Yoon Chang-hyun, director general for resources industry policy at the ministry.

“We will closely monitor the impact of the recent (Israeli) airstrikes on the domestic supply and prices of oil and gas, and respond swiftly to minimize the burden on the national economy,” he added.

The industry ministry also held a meeting with trade agencies to devise measures to minimize the impact of the Middle Eastern situation on South Korea’s exports to the region, such as liquidity support and the temporary deployment of substitute vessels.