South Korea further raises the resource security crisis alert level

According to Yonhap News Agency, as the risk of domestic oil supply disruption gradually becomes apparent, the South Korean government has decided to raise the resource security crisis alert level from Level 2 “Attention” to Level 3 “Warning” starting at midnight on April 2, while also raising the natural gas crisis alert level from Level 1 “Concern” to Level 2 “Attention.”
Reportedly, the reason for this alert upgrade is that procurement in the international oil market has encountered some obstacles, and South Korea’s domestic crude oil inventories have fallen by over 20%, beginning to have a substantial impact on the country’s economy and industries.
The report states that as one of the measures to address energy supply shortages, the South Korean government announced that from April 8, public sector and institutional vehicles will be subject to odd-even license plate restrictions, excluding electric and hydrogen-powered vehicles.
South Korea’s energy heavily depends on imports, with about 70% of its oil and approximately 20% of its liquefied natural gas coming from the Middle East.
Since the United States and Israel launched military strikes against Iran on February 28, international energy supplies have been disrupted, and energy prices have soared.
On March 5, the South Korean government issued a Level 1 resource security crisis alert, and on the 18th, announced an upgrade to Level 2.
The highest level of this alert mechanism is Level 4. ( Xinhua News Agency )