Crude oil import in July increased by 10% compared to the previous year… Petroleum Association: “It also contributes to resolving supply disruptions in friendly countries”

The Korea Petroleum Association (KPA) announced on the 14th that, six months after the implementation of the maximum oil price system, domestic supply and demand of petroleum products remains stable despite the blockade of the Strait of Hormuz and the prolongation of the war in the Middle East.

On March 13, the government introduced and is implementing a maximum oil price system for the first time in 30 years since oil price liberalization in 1997 in order to stabilize the prices of petroleum products, which have soared due to the war in the Middle East.

The association evaluated, "Despite the ongoing war in the Middle East, the problem of crude oil supply disruption has been resolved in advance due to the government's active support for crude oil supply and the implementation of reserve oil swaps."

In addition, domestic oil refineries such as SK Energy, GS Caltex, S-Oil, and HD Hyundai Oilbank are actively cooperating with the policy of notifying concessions under the maximum price system and are doing their best to ensure a stable domestic supply of essential petroleum products such as gasoline, kerosene, and diesel.

In fact, in April, at the beginning of the war, domestic crude oil imports fell to about 64.5 million barrels, the lowest since 2010, but crude oil imports quickly recovered thanks to the government and the oil refining industry's active efforts to secure crude oil.

According to the Korea National Oil Corporation's oil supply and demand statistics, the amount of crude oil imported in July was 93.18 million barrels, an increase of 9.8% compared to the same month last year.

As a result of the oil refining industry's stable supply of essential petroleum products based on this stable introduction of crude oil, fuel shortages like those in other countries did not occur in Korea.

The oil refining industry is also doing its part to resolve supply disruptions in friendly countries such as Australia and New Zealand, at the request of overseas countries experiencing global oil supply difficulties.

An official from the Korea Petroleum Association said, "The oil refining industry will do its best to stabilize domestic prices and supply and demand until the global crude oil supply and demand disruption is resolved, and will also contribute to stabilizing the global supply of petroleum products."