South Korea considers withdrawing oil reserves if the situation deteriorates in Saudi Arabia
10:21 - 16/09/2019
Information / Baghdad ..
SEOUL (Reuters) - South Korea said on Monday it would consider withdrawing oil from its strategic crude reserves if crude oil imports worsened following Saturday's attack on Saudi oil facilities.
The comments came as oil prices hit a four-month high on Monday after supply concerns were raised by Saturday's attacks on crude oil facilities in Saudi Arabia.
South Korea's energy ministry said in a statement it did not expect a short-term impact on access to crude oil supplies from Saudi Arabia. But if the situation continues, it could disrupt crude oil supplies, she added.
“The government will do its utmost to maintain the stability of demand, supply and prices, such as studying the drawdown of oil reserves if the situation worsens,” she said.
South Korea, the world's fifth-largest oil importer, has about 92 million barrels of crude oil and refined products as strategic stocks. Of the total 96 million barrels, the country holds 82 million barrels of crude oil and the rest refined products such as gasoline, diesel and naphtha. Done / 25