South Korea raises energy alert amid oil supply disruptions

The South Korean government has raised its resource crisis alert to level 3 in response to oil supply disruptions and high volatility in global prices, according to Yonhap.

The last tanker to pass through the Strait of Hormuz before its closure on March 1 arrived at its destination on March 20.

Since then, imports via this strategically important route have been suspended, with the pause in supply lasting more than ten days.

In response, authorities have introduced the new alert level to strengthen oversight of supply and demand in the energy market.

Measures include expanding alternative oil supply routes, implementing new state-private oil exchange mechanisms, and improving management of oil and petrochemical supply chains, while cracking down on unfair practices.

Gas alert levels were also raised to level two due to price volatility. Although domestic gas reserves are sufficient for the current year, the government is taking steps to ensure stability in the gas market.

By Bakhtiyar Abbasov