Gov't secures 50 million barrels of crude for April from alternative sources
Published: 02 Apr. 2026, 15:24
Updated: 02 Apr. 2026, 18:21
![A tanker transits the Strait of Hormuz. [REUTERS/YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2026/04/02/0809bd7e-bd04-481e-a85f-2965301dba61.jpg)
A tanker transits the Strait of Hormuz. [REUTERS/YONHAP]
The government has secured about 50 million barrels of crude oil from alternative sources for April to prepare for the possibility of a closure of the Strait of Hormuz, with a significant volume for May also already secured.
“The alternative shipment for April is about 50 million barrels, and a meaningful volume is also being secured for May,” said a spokesperson for the Ministry of Trade, Industry and Resources in a briefing on Thursday. The ministry notes that while this is less than the usual monthly import volume of about 80 million barrels, it is still enough to respond adequately given the current decline in demand.
The government noted that demand has declined as petroleum and naphtha plants are running at lower rates, making a direct comparison with normal import volumes difficult. The government plans to make up any shortfall through a strategic petroleum reserve swap, under which stockpiled oil would be temporarily supplied to refiners.
To secure additional volumes, the government is in talks with major oil-producing countries including Saudi Arabia, Oman, Kazakhstan and the United States. Algeria and Greece are also under consideration to help secure naphtha shipments.
Meanwhile, the government expects any domestic impact from Australia’s moves to restrict gas exports to be limited. The government noted that existing long-term contract volumes will remain unaffected and that the volume potentially at risk is smaller than Korea’s daily consumption.
The government adds that even under a worst-case scenario, it does not expect major disruptions to energy supply and will continue to monitor the situation and respond accordingly.
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.
BY JEONG JAE-HONG [[email protected]]
with the Korea JoongAng Daily
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