South Korea Secures 273 Million Barrels of Oil

South Korea announced on Wednesday that it has secured 273 million barrels of crude oil and 2.1 million tons of naphtha from suppliers in Kazakhstan, Oman, and Saudi Arabia, ensuring deliveries through routes unaffected by the blockade of the Strait of Hormuz. The volumes, obtained during a diplomatic tour from April 7 to 14, are projected to cover more than three months of the country's oil needs and about one month of naphtha demand, based on last year's consumption levels.

Presidential chief of staff Kang Hoonsik, who led the delegation as President Lee Jae-myung's special envoy for strategic economic cooperation, detailed the agreements during a briefing in Seoul. The crude includes 250 million barrels from Saudi Arabia, 18 million from Kazakhstan, and 5 million from Oman. The naphtha comprises 1.6 million tons from Oman and at least 500,000 tons from Saudi Arabia. "The crude oil and naphtha secured this time are expected to be imported from alternative supply sources unaffected by any blockade of the Strait of Hormuz," Kang said. "Therefore, they are expected to contribute directly and materially to stabilizing domestic supply."

The trip addressed South Korea's...