South Korea expects to meet oil demand through April and May without releasing government reserves, supported by secured imports and private inventories, Industry Minister Kim Jung-kwan said April 12.
Kim said supply conditions have improved, with May volumes rising about 10 percentage points from a week earlier to nearly 80% of typical import levels.
“Unlike during the Russia-Ukraine war, we believe we can get through April and May without tapping strategic reserves,” he said in a televised interview.
Uncertainty persists over tanker movements in the Strait of Hormuz, where seven vessels linked to South Korea remain delayed. Kim said efforts are under way but declined to give a timeline for resolution.
As an alternative, the government is preparing to route shipments through the Red Sea via Saudi Arabia’s Yanbu port, potentially with naval escort support. Saudi authorities have pledged to prioritize shipments bound for South Korea, he added.
Seoul is also moving to diversify crude supply. Alongside increased imports of U.S. oil, officials are in advanced talks to secure shipments from Kazakhstan, with details expected to be announced soon.
Kim said naphtha supply, a key petrochemical feedstock, is expected to recover to around 80% of normal levels in April and May as conditions gradually stabilize.
The government has allocated about $650 million in supplementary funding to support supply-chain stability, including measures to offset higher naphtha import costs.
Helium supply, critical for semiconductor production, is expected to remain stable through late June, supported by U.S. imports, ensuring no disruption to chip output.
Kim emphasized energy conservation as a priority, urging efforts to reduce consumption while strengthening long-term energy security.
