00:00South Korea will receive more than 6 million barrels of crude oil from the UAE,
00:06amid concerns over energy prices as conflict in the Middle East escalates.
00:10The arrangement follows instructions from President Lee Jae-myung
00:14and is expected to help stabilize the domestic energy supply and demand.
00:20Two South Korean oil tankers will be sent to a UAE port
00:24that does not require passage through the Strait of Ormuz, which remains shut.
00:30The tankers will load about 4 million barrels of crude.
00:33The UAE has also pledged to release another 2 million barrels
00:37from a joint oil reserve stored in South Korea.
00:40In total, the supply is equivalent to more than twice South Korea's daily crude consumption.
00:45The move comes as about 70% of the country's crude imports normally pass through the Strait.
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