It started with gas stations. Now it may hit supermarkets. The fallout of the Iran war is inching closer to everyday life in Korea, with the production of staples such as ramyeon on the brink of catastrophic disruption if the Hormuz crisis drags on.
The United Arab Emirates (UAE) has pledged to prioritize crude oil supplies to Korea amid Middle East tensions, Korean presidential chief of staff Kang Hoon-sik announced Wednesday.
The United States plans to release 172 million barrels from its strategic petroleum reserve, beginning next week, Energy Secretary Chris Wright said Wednesday.
Eight member states of OPEC+ agreed Sunday to increase oil production by nearly 137,000 barrels per day starting next month, marking the seventh consecutive month of output hikes.
Jet fuel consumption in South Korea tumbled to a 17-year low in 2021 in the wake of the coronavirus pandemic, data showed Tuesday.
Korea has decided to release 4.42 million barrels of strategic crude reserves to help bring down soaring energy prices and prevent a possible supply shortage amid tensions surrounding Ukraine, the industry ministry said Saturday.
Korea JoongAng Daily Sitemap
