Post #5854

🇰🇷Seoul Asks GCC to Secure Energy Supply Chains South Korea's Finance Minister Koo Yun-cheol met with ambassadors from the six Gulf Cooperation Council states in Seoul on April 3 to discuss energy supply cooperation amid Middle East tensions. Koo and the ambassadors identified heightened volatility in global oil prices and financial markets as a shared concern, citing potential strain from disruptions near the Strait of Hormuz. South Korea imports approximately 70 percent of its crude oil from the Middle East, with over 95 percent of those shipments transiting the Strait of Hormuz. Koo called on GCC states to ensure uninterrupted deliveries of crude oil and key industrial materials including naphtha and urea. The South Korean government plans to implement fuel tax cuts, petroleum price stabilization measures, and financing support for affected businesses. A supplementary budget of 26 trillion won ($17 billion) is also planned to limit broader economic fallout. #SouthKorea @asianomics