Media: South Korea Considers Purchasing Oil from Russia
According to a report by the Korea Economic Daily, citing sources, the South Korean government and refining industry are considering importing oil from Russia due to the threat of supply shortages.
The report stated that the government and major domestic refining companies are discussing such measures because the last oil tanker to leave before the closure of the Strait of Hormuz will not arrive until next week, and new supply sources must be urgently secured.
The newspaper wrote, "The government and the refining industry are considering importing oil from Russia."
The article noted that the decision to consider "Russian oil" indicates a severe supply situation. It is estimated that refining companies may need to reduce their export volumes by nearly 80% to meet domestic demand. In such a situation, these companies may have to declare force majeure to their foreign partners.
Meanwhile, the South Korean government earlier announced that it had reached an agreement with the United Arab Emirates to prioritize additional oil supplies of 18 million barrels from the UAE.
Previously, Russian state news agency Sputnik reported, after analyzing online comments, that South Korean residents expressed anger over missing out on benefits amid rising fuel prices, demanding the government lift sanctions and start purchasing Russian oil.
Original article: toutiao.com/article/1860028627774474/
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