The Korea National Oil Corporation’s oil storage facility in Seosan, South Chungcheong, is seen on June 23, 2025.KOREA NATIONAL OIL CORPORATION
Korea may be dodging a feared November oil crunch after securing more than 90 percent of the crude oil and naphtha supplies it needs for next month.
Korea has secured October crude oil imports at 100 percent of last year's monthly average and more than 90 percent for November, the Ministry of Trade, Industry and Resources said Tuesday at a briefing by its Middle East war response headquarters.
The amount of crude oil secured for November has increased by about 20 percentage points from the more than 70 percent the government said it had secured in mid-September.
The supply outlook for naphtha, a key feedstock for the petrochemical industry, has also improved.
The government said it has secured enough naphtha for October to cover more than 100 percent of domestic demand and is working on additional contracts to secure more than 90 percent of November demand.
The figures are likely to ease fears that Korea's refiners and petrochemical makers could run short of feedstock from November if Middle East supply disruptions continue.
Concerns over supplies grew in Korea’s energy industry after the war in the Middle East intensified in mid-September and crude oil exports from Saudi Arabia, the world’s largest crude exporter, faced disruptions.
Anxiety in the global oil market intensified further after foreign media reported that U.S. Strategic Petroleum Reserve inventories had fallen to their lowest level since 1982.
A gas station in Seoul is seen on Oct. 4.NEWS1
More recently, however, crude oil exports from the Middle East have begun to recover and the Group of 7 countries have decided to release oil from strategic reserves, raising expectations that supply conditions could stabilize somewhat.
International oil prices also fell for a second consecutive trading session.
Brent crude stood at $100.22 a barrel as of 8 a.m. Tuesday, down 0.1 percent from the previous trading session. West Texas Intermediate crude fell 0.2 percent to $89.22 a barrel.
Fuel prices in Korea, however, remain high.
Gasoline prices rose 0.002 percent from the previous day to 1,857.58 won per liter ($5.20 per gallon), while diesel prices fell 0.012 percent to 1,843.08 won per liter.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
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