South Korea Raises Resource Security Alert Amid Oil Supply Crisis

South Korea has elevated its resource security alert from the first level 'Attention' to the second level 'Caution' due to an impending oil supply crisis. According to Jin10, this decision was made on March 18, as reported by Yonhap News Agency. The move is in accordance with Article 23 of the National Resource Security Special Act, considering the severity of the crisis and its potential impact on the nation's economy and citizens' lives. The South Korean government plans to expand oil supply and tighten demand control. This week, it will announce details of its participation in the International Energy Agency's (IEA) oil reserve release plan. The government intends to exercise its preemptive purchasing rights to secure international oil reserves and explore oil import routes that bypass the Strait of Hormuz. On the demand side, the government will collaborate with the Ministry of Climate and Environment to implement mandatory energy-saving measures in the public sector and consider car restriction measures.