Government, September crude oil supply largely secured... reviewing stockpiles in preparation for worsening Middle East situation
Stable crude oil supply: the government has secured most of September's volume, so short-term disruptions are minimal Amid tensions in the Middle East, check whether supply concerns were reduced by also reviewing responses using stockpiles
The government said it has secured most of the crude oil volume needed through September, so there are no major issues with shortterm supply and demand.
The Ministry of Trade, Industry and Energy explained that it secured more than 110% of last year’s average crude oil volume for July and August, and has also secured more than 90% of September’s volume compared with last year. Although concerns over crude oil transport from the Middle East have grown due to tensions between the United States and Iran and the Houthi rebels in Yemen declaring a maritime blockade, it said there have been no clear disruptions so far to crude oil supplies entering the country.
However, the ministry said that if the situation in the Middle East worsens further and problems arise in maritime transport, it could reconsider emergency supply and demand measures such as strategic oil swaps. It added that ship operations passing through the Red Sea and the Strait of Hormuz are currently proceeding normally, but if the blockade becomes a reality, alternative transport routes may need to be arranged.