South Korea Secures 80% of Oil Needs Through Alternative Suppliers, Avoids Strategic Reserve Release

Trade Minister Kim Jung-kwan announced South Korea has secured approximately 80% of its normal crude oil import levels for May without tapping strategic petroleum reserves. The government has sourced 60 million barrels of alternative supply from 17 countries including Saudi Arabia, the US, UAE, Brazil, and Canada, bringing total secured volumes to 110 million barrels for April-May. A strategic reserve swap program provides state oil reserves to refiners upfront while they secure alternative Middle Eastern supply replacements. Korea previously released a record 22.46 million barrels from reserves in March.