South Korea's Prime Minister Orders Preemptive Crude Oil Stockpiling Amid Middle East Tensions

Prime Minister Han Seong-sook instructed economic officials Thursday to preemptively secure crude supplies for the coming months, citing rekindled tensions in the Middle East.

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 Middle East 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 minimize negative effects from rising oil prices.

Han said the government should also make sure to stabilize consumer prices ahead of the upcoming Chuseok holiday and respond sternly to any activities that disturb price stability. (Yonhap)