South Korean Officials: Secured 273 Million Barrels of Crude Oil and 2.1 Million Tons of Naphtha from Four Middle Eastern Countries

According to a Reuters report on the 15th, Kang Hoon-sik, Chief of Staff to the President of South Korea, stated at a press conference on Wednesday that South Korea has secured crude oil supplies totaling 273 million barrels from four Middle Eastern countries, valid through the end of this year.

South Korea also secured 2.1 million tons of naphtha during the same period—a core feedstock for producing basic chemicals in the country's petrochemical industry.

The announcement comes as prospects for navigation through the Strait of Hormuz remain uncertain. Media citing informed sources reported that Middle Eastern oil-producing nations have requested Asian refineries submit their crude oil loading plans for April and May; Saudi Aramco, the world's largest oil exporter, also notified its clients to submit demand plans for cargo loading at Yanbu Port and Ras Tanura Port in May.

However, supply restoration faces dual constraints. SPA, the official Saudi news agency, quoted Energy Ministry officials as saying that attacks on Saudi energy facilities have reduced the country's oil capacity by approximately 600,000 barrels per day; additionally, throughput on the East-West Pipeline—considered a key overland alternative route bypassing the Strait of Hormuz—has dropped by about 700,000 barrels per day, casting doubt on the reliability of alternative export options.

Meanwhile, the U.S. sanctions exemption on Iranian oil exports is set to expire on April 19, further tightening the policy framework of the blockade. As Wall Street News previously noted, the Trump administration has decided to allow the temporary sanctions exemption on Iran's seaborne crude oil shipments to lapse as scheduled.