South Korea extended its crude oil swap system with private firms until the end of June due to ongoing uncertainties in the Strait of Hormuz. The government has lent 21 million barrels of oil stockpiles to refiners, ensuring supplies for July and August.
South Korea has extended its crude oil swap system with private firms until the end of June due to ongoing uncertainties in the Strait of Hormuz. The system allows the government to lend crude stockpiles to refiners, who must later restore the stock.
Two US allies, despite historical grievances, signed a mutual oil swap agreement on Tuesday to ensure energy security amidst supply chain instability linked to Middle East events.
South Korea will extend its crude oil swap system with private firms until July amid continued corporate demand, as the government works to stabilize domestic fuel supply amid the Middle East crisis. The system, which lends crude from strategic reserves to refineries, was initially set to end in May. The U.S. has emerged as South Korea's largest naphtha supplier at 24.7%, up from seventh place before the Iran-U.S. war began in late February.
