Gov’t says impact of U.S.-Iran tensions on S. Korea will be limited in the short term

정부 “이란사태, 원유수급 단기영향 크지 않아…수급위기 대비”

The tensions between the U.S. and Iran have sent global oil prices soaring… and have weakened the Korean won.
In a meeting on the situation this morning, the vice minister of finance said that while a prolonged crisis would pose risks for Korea, the impact in the short term will be limited.
Kim Hyesung reports.
The impact of escalating tensions between Washington and Tehran on South Korea’s oil supply will be limited in the short term.
That’s what first vice finance minister Kim Yong-beom said in a meeting with economy-related vice ministers on Tuesday to assess the potential impact of the heightened tensions in the Middle East.
He said Korea currently does not import crude oil from Iran and there has been no direct disruption to oil and gas facilities or oil tankers so the oil supply to the country remains stable.
Citing South Korea’s resilient financial market after drone strikes on Saudi Arabia’s oil processing facilities last September, he said local financial markets do not have to worry this time either.
But the first vice finance minister added that a prolonged crisis in the Middle East could result in a rise in market volatility and vowed to increase oil supply in case of a shortage and carry out the government’s contingency plans.
The combined oil reserves held by the South Korean government and local refineries came to 200 million barrels as of November 2019.
The government has also vowed to increase safety measures for Koreans working in the Middle East and help protect shipping in the Strait of Hormuz.
Kim Hyesung, Arirang News.

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