Industry ministry holds emergency meeting on crude oil supply amid Middle East tensions

The industry ministry convened an emergency meeting Monday to review crude oil supply conditions and tanker transit routes as geopolitical tensions in the Middle East intensify. Vice Minister Moon Shin-hak chaired the session to assess potential disruptions following recent attacks on Saudi oil facilities, Houthi incursions near Perim Island, and heightened instability around the Strait of Hormuz and the Red Sea.

Refinery representatives reported that crude imports for July and August exceeded year-earlier levels by more than 100 percent, while supplies for September and October are already secured at more than 90 percent of the previous year's volume. The industry concluded that the immediate impact on domestic supply and demand remains limited.

In response, the government announced it would continue monitoring Saudi pipeline repairs and support shipping companies in switching to alternative routes such as the Suez Canal. Authorities also confirmed the reactivation of the strategic petroleum reserve swap system on August 24.

"The government will closely monitor supply trends through tight communication with the refining and shipping industries to ensure no anxiety arises in people's daily lives," Moon said. He added that officials plan to expand support for freight rate differences associated with route diversification through consultations with relevant ministries to help the industry secure alternative volumes smoothly.