Tag: petroleum

petroleum

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Ukraine slams South Korea over fuel shipments to Russia as Seoul pushes back

Kyiv said South Korean petroleum shipments helped Russia weather recent fuel shortages, but Seoul called the claim unverified and inappropriate.

2026.10.7

Exports up 56% in first 20 days of August on robust chip shipments

Outbound shipments reached $55.2 billion in the Aug. 1 to 20 period, the highest level for the first 20 days of any August.

2026.8.21

Gov't to extend ban on petroleum hoarding for another 2 months amid prolonged Iran war

The government will extend its ban on hoarding petroleum products for another two months amid continued supply concerns stemming from the Iran war, Finance Minister Koo Yun-cheol said Thursday.

2026.5.7

HD Hyundai Oilbank's oil refining plant in Daesan, South Chungcheong [HD HYUNDAI OILBANK]

U.S., Canada urge Korea not to impose controls on petroleum exports

The United States, Canada, Australia and others have urged Seoul to refrain from imposing controls on petroleum exports, after several Asian countries moved to restrict exports amid protracted instability in Middle Eastern crude supplies.

2026.4.22

A signboard outside a gas station on Jeju Island shows that the price of gasoline had exceeded 2,000 won per liter ($5 per US gallon) on April 6. [YONHAP]

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.

2026.4.6

Petrochemical plants at the Yeosu National Industrial Complex in South Jeolla are seen connected by pipe racks, elevated structures that support and carry pipelines, on Aug. 21, 2025. [KIM SU-MIN]

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.

2026.4.3

U.S. Energy Secretary Chris Wright speaks during a panel at the BlackRock Infrastructure Summit in Washington on March 11. [AFP/YONHAP]

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.

2026.3.12

A driver refuels a car at a gas station in Seoul on Dec. 31, 2025. [YONHAP]

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.

2026.1.1

North Korean leader Kim Jong-un speaks during the 13th session of the 14th Supreme People’s Assembly in Pyongyang from Sept. 20 to 21. [KCNA]

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.

2025.9.23

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.

2025.9.8