00:00South Korea says it will receive an additional 18 million barrels of oil
00:04from the United Arab Emirates as the Iran conflict disrupts global supplies
00:09and drives prices higher.
00:12The world's eighth largest oil consumer has also secured an agreement with the UAE
00:17to allow emergency purchases of crude at any time.
00:24Presidential Chief of Staff Kang Hoon-sik said
00:27this brings South Korea's total emergency supply from the UAE to 24 million barrels.
00:32The deal builds on an earlier agreement to import 4 million barrels from the UAE
00:37as well as access up to 2 million barrels from jointly held strategic reserves stored in South Korea.
00:43However, Kang did not provide a timeline for delivery
00:47or details on shipping routes that would avoid the Strait of Hormuz.
00:51Around 70% of South Korea's crude import passed through the strait
00:55which has been effectively closed since US-Israeli strikes on Iran began on February 28.
01:01South Korea consumes nearly 2.9 million barrels of oil per day
01:05underscoring its heavy reliance on stable energy supplies.
01:09News 5.
01:09News 7.
01:10News 7.
01:10News 17.
01:10News 7.
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