Korea Joongang Daily
Korea JoongAng Daily

Gov't, DP agree to abolish oil industry's 'post-settlement system' as gas prices skyrocket

The government and the ruling Democratic Party (DP) agreed Monday to abolish the oil industry's so-called post-settlement system, a pricing practice that gas station operators blame for rising prices.

2026-04-06

Korea's top 15 oil usage firms announce consumption reduction plan amid supply disruptions

Fifteen companies with heavy petroleum consumption have agreed to reduce their annual consumption of oil by 956,000 barrels to join Korea's ongoing energy-saving efforts, officials said Friday.

2026-04-03

U.S. to release 172 million barrels from strategic oil reserve: Energy secretary

The United States plans to release 172 million barrels from its strategic petroleum reserve, beginning next week, Energy Secretary Chris Wright said Wednesday.

2026-03-12

Korea expands energy bill relief as inflation pressures persist

Korea’s consumer inflation slowed to 2.1 percent last year, the weakest pace in five years, official data showed on Wednesday, though rising food and energy prices driven by a weak won continued to strain household budgets.

2026-01-01

China reports exporting nearly 100,000 barrels of petroleum to North Korea this year

China exported a total of nearly 100,000 barrels of refined petroleum to North Korea in the first five months of this year, reports the country filed to the United Nations showed Tuesday.

2025-09-23

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

S-Oil wins gas station category at National Service Awards

S-Oil clinched the top spot in the gas station category at the 2025 National Service Awards for the eighth consecutive year and held onto its lead in the gas station app category for a third year, the petroleum company announced Thursday.

2025-06-26

South Korea, U.S. launch task force to choke off North's nuclear program

South Korea and the United States launched a bilateral task force to more effectively block key resources and funding for North Korea’s nuclear and missile development, the Foreign Ministry announced Wednesday.

2024-03-27

Consumer prices jump 3.4% as climate, oil prices take toll

Korea’s consumer prices bounced above 3 percent in August after two months of staying below the range.

2023-09-05

KSOE announces 391.7 billion won order for three LPG carriers from Liberian shipper

Korea Shipbuilding & Offshore Engineering (KSOE) announced Monday that it had received an order for three liquefied petroleum gas (LPG) carriers worth 391.7 billion won ($285 million) from a shipper in Liberia.

2022-09-05