South Korea says oil supply is controllable and will release reserves to address shortages

(1) Officials from South Korea's Ministry of Trade, Industry and Energy stated that despite growing concerns over a potential crude oil shortage in April, the current supply situation remains within controllable limits thanks to existing reserves and alternative sources. (2) 24 million barrels of crude oil from the UAE will gradually arrive by the end of March; the government plans to release oil reserves in mid-April when private inventories are expected to be depleted. (3) Authorities will negotiate with refiners to redirect naphtha exports for domestic use; additionally, despite the easing of sanctions by the US, refineries remain cautious about importing Russian crude oil.