Government downgrades crude oil resource security crisis alert to caution

The government has lowered the oil resource security crisis alert one level from Caution to Advisory. This reflects the signing of a framework agreement between the United States and Iran, the lifting of the blockade of the Strait of Hormuz, and the diversification of crude oil import sources. The Ministry of Trade, Industry and Energy announced these measures on the 30th and said they would take effect from 12:00 a.m. on July 1. The advisory alert previously issued for natural gas has been fully lifted. The resource security crisis alert operates on four levels: Attention, Advisory, Caution, and Severe. The government also decided to gradually end or ease the emergency supplydemand measures implemented in response to the Middle East situation. It will end expanded support for diversifying crude oil imports, support for the difference in naphtha import prices, and the strategic petroleum reserve swap system, while maintaining the restrictions on naphtha exports and supplydemand adjustments until August 26. The ministry explained that the possibility of supply chain bottlenecks remains for some petrochemical products.