Korea Joongang Daily
Korea JoongAng Daily

Hanwha Ocean secures $255 million VLCC order for Oceania

Hanwha Ocean, the shipbuilding arm of Korea's chemical-to-defense Hanwha Group, said on Tuesday that it has secured an order worth 375.3 billion won ($255 million) to build two very large crude carriers (VLCCs) for a client in Oceania.

2025-12-02

OPEC+ agrees to increase oil production by 137,000 barrels

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.

2025-09-08

OPEC+ considers delay to April oil supply increases, Bloomberg News reports

Oil producer group OPEC+ is considering pushing back a series of monthly supply increases due to begin in April despite calls from U.S. President Donald Trump to lower prices, Bloomberg News reported on Monday citing delegates.

2025-02-18

Tax cut on fuel extended until August

Korea extended a tax cut on fuel for another four months as oil prices remain uncertain and inflation stays high.

2023-04-18

Oil reserves to be released following request from the U.S.

The Korean government estimates the release will be roughly equivalent to the action taken in 2011 when about 4 percent of the nation’s strategic reserve, or around 3.47 million barrels, was added to the market.

2021-11-24