S. Korea secures 50 mln barrels of alternative oil supplies for April: officials | Yonhap News Agency

## Summary
OK SEOUL, April 2 (Yonhap) -- South Korea has secured around 50 million barrels of alternative oil supplies for this month to replace supplies from the Middle East blocked due to the effective closure of the Strait of Hormuz, government officials said Thursday, vowing continued efforts to stably manage energy supplies. The government and oil refineries are working hard to secure alternative oil supplies from different countries, Yang Ghi-wuk, deputy minister for trade, industry and resource security, said in a regular briefing on energy supply, noting that Seoul has been knocking on doors of Saudi Arabia, Oman, Kazakhstan, the United States and other countries. Korea to enforce naphtha export restriction starting Fri. (LEAD) Gov't announces adjusted price ceilings for fuel products to take effect midnight Gov't raises energy disruption alert to second-highest level Keywords #energy supply Articles with issue keywords Most Liked Oscar-winning 'KPop Demon Hunters' directors promise 'bigger,' more 'eventful' sequel (2nd LD) Han Kang's 'We Do Not Part' wins NBCC Award for haunting portrayal of trauma (News Focus) Han Kang's NBCC win again spotlights art of translation Paik Kun-woo, at 80, says 'Music chose me' (Movie Review) 'Salmokji: Whispering Water': mood runs deeper than plot Most Saved Oscar-winning 'KPop Demon Hunters' directors promise 'bigger,' more 'eventful' sequel (News Focus) Han Kang's NBCC win again spotlights art of translation (2nd LD) Han Kang's 'We Do Not Part' wins NBCC Award for haunting portrayal of trauma Paik Kun-woo, at 80, says 'Music chose me' (Movie Review) 'Salmokji: Whispering Water': mood runs deeper than plot Most Viewed All Categories (3rd LD) Lee, Prabowo agree to elevate bilateral ties, expand defense industry cooperation (LEAD) Trump says S. Korea secures 50 mln barrels of alternative oil supplies for April: officials Next S.

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SEOUL, April 2 (Yonhap) -- South Korea has secured around 50 million barrels of alternative oil supplies for this month to replace supplies from the Middle East blocked due to the effective closure of the Strait of Hormuz, government officials said Thursday, vowing continued efforts to stably manage energy supplies.
The government and oil refineries are working hard to secure alternative oil supplies from different countries, Yang Ghi-wuk, deputy minister for trade, industry and resource security, said in a regular briefing on energy supply, noting that Seoul has been knocking on doors of Saudi Arabia, Oman, Kazakhstan, the United States and other countries.
Yang said about 80 million barrels of oil arrive in South Korea each month when things run as usual, but around 50 million barrels have been tentatively secured at the moment for this month, with alternative supplies expected to increase in May.
To cover the shortfall, the government is controlling the demand and working to help with supplies through a crude oil swap system with private companies, he added, noting the government will continue close monitoring of the market.
Regarding Australia's plan to impose export restrictions on natural gas, Yang said the move is expected to have limited impact on South Korea, explaining that Australia told Seoul's foreign ministry it will make sure there is no disruption in its long-term gas supply contract with Korea.
Australia is planning to restrict exports of natural gas on short-term spot contracts, he added, noting that Seoul may see disruptions in some 30,000 to 40,000 tons of short term gas supplies from the country, which is only about half of a day's supply.
This undated file photo, unrelated to the article, shows an oil tanker manufactured by Samsung Heavy Industries Co. (PHOTO NOT FOR SALE) (Yonhap)
nyway@yna.co.kr
(END)
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S. Korea secures 50 mln barrels of alternative oil supplies for April: officials

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## Expert Analysis

### Merits
- OK SEOUL, April 2 (Yonhap) -- South Korea has secured around 50 million barrels of alternative oil supplies for this month to replace supplies from the Middle East blocked due to the effective closure of the Strait of Hormuz, government officials said Thursday, vowing continued efforts to stably manage energy supplies.

### Areas for Consideration
- Korea to enforce naphtha export restriction starting Fri. (LEAD) Gov't announces adjusted price ceilings for fuel products to take effect midnight Gov't raises energy disruption alert to second-highest level Keywords #energy supply Articles with issue keywords Most Liked Oscar-winning 'KPop Demon Hunters' directors promise 'bigger,' more 'eventful' sequel (2nd LD) Han Kang's 'We Do Not Part' wins NBCC Award for haunting portrayal of trauma (News Focus) Han Kang's NBCC win again spotlights art of translation Paik Kun-woo, at 80, says 'Music chose me' (Movie Review) 'Salmokji: Whispering Water': mood runs deeper than plot Most Saved Oscar-winning 'KPop Demon Hunters' directors promise 'bigger,' more 'eventful' sequel (News Focus) Han Kang's NBCC win again spotlights art of translation (2nd LD) Han Kang's 'We Do Not Part' wins NBCC Award for haunting portrayal of trauma Paik Kun-woo, at 80, says 'Music chose me' (Movie Review) 'Salmokji: Whispering Water': mood runs deeper than plot Most Viewed All Categories (3rd LD) Lee, Prabowo agree to elevate bilateral ties, expand defense industry cooperation (LEAD) Trump says S.

### Implications
- Yang said about 80 million barrels of oil arrive in South Korea each month when things run as usual, but around 50 million barrels have been tentatively secured at the moment for this month, with alternative supplies expected to increase in May.
- To cover the shortfall, the government is controlling the demand and working to help with supplies through a crude oil swap system with private companies, he added, noting the government will continue close monitoring of the market.
- Regarding Australia's plan to impose export restrictions on natural gas, Yang said the move is expected to have limited impact on South Korea, explaining that Australia told Seoul's foreign ministry it will make sure there is no disruption in its long-term gas supply contract with Korea.
- Australia is planning to restrict exports of natural gas on short-term spot contracts, he added, noting that Seoul may see disruptions in some 30,000 to 40,000 tons of short term gas supplies from the country, which is only about half of a day's supply.

### Expert Commentary
This article covers korea, oil, supplies topics. Notable strengths include discussion of korea. Areas of concern are also raised. Readability: Flesch-Kincaid grade 0.0. Word count: 606.