South Korean firms to cut oil use by nearly 1 million barrels

Fifteen major energy-intensive companies in South Korea have announced plans to cut their oil consumption by nearly one million barrels annually as part of a broader government-led energy conservation effort, Yonhap reported, citing officials from the Ministry of Climate, Energy and Environment.

According to the plan, the companies aim to reduce their combined energy use by 610,000 tonnes of oil equivalent, representing 1.73% of their total consumption in 2024. The annual reduction target is set at 130,000 tonnes of oil equivalent, which corresponds to approximately 956,000 barrels of oil.

The measures are designed to help stabilise the energy market and prepare industrial sectors for potential supply disruptions.

The announcement comes as South Korea responds to ongoing geopolitical tensions in the Middle East. Earlier this week, the government raised its resource security crisis alert to level 3, the second-highest level in its four-tier warning system.

Officials подчеркнули that industry accounts for roughly 60% of the country’s total energy consumption, underscoring the importance of corporate participation in national energy-saving initiatives.

By Tamilla Hasanova