Prime Minister Han Seong-sook instructed economic officials Thursday to preemptively secure crude supplies for the coming months, citing rekindled tensions in West Asia, Yonhap News Agency reported.
Han said during an emergency economic meeting that enough crude has been secured through the end of October — at levels exceeding 90 percent of last year’s — but more efforts should be made to secure supplies for thereafter in case the West Asia tensions are prolonged.
She also asked officials to closely monitor the situations of key shipping routes in the Strait of Hormuz and the Red Sea, as well as the supply and demand situations of key raw materials, while working to minimise negative effects from rising oil prices.
Han said the government should also make sure to stabilise consumer prices ahead of the upcoming Chuseok holiday and respond sternly to any activities that disturb price stability.
