Seoul: Prime Minister Han Seong-sook instructed economic officials Thursday to preemptively secure crude supplies for the coming months, citing rekindled tensions in the Middle East.
According to Yonhap News Agency, Han mentioned during an emergency economic meeting that enough crude has been secured through the end of October, with levels exceeding 90 percent of last year's. However, she emphasized that more efforts should be made to secure supplies for the period following October, in case the Middle East tensions are prolonged.
She also instructed officials to closely monitor the situations of key shipping routes in the Strait of Hormuz and the Red Sea. Additionally, she highlighted the importance of observing the supply and demand situations of key raw materials, while working to minimize the negative effects resulting from rising oil prices.
Furthermore, Han emphasized the need for the government to ensure consumer price stability ahead of the upcoming Chuseok holiday. She called for a stern response to any activities that may disturb price stability.