South Korea said it would receive an additional 18 million barrels of oil from the United Arab Emirates through multiple supply channels as the Iran war disrupts global supplies and sends prices higher, reports Reuters.
About 70 per cent of South Korea’s crude oil imports pass through the Strait of Hormuz, which Iran has effectively closed since US-Israeli strikes began on February 28.
“The UAE will supply six million barrels via three UAE-flagged vessels, and an additional 12 million barrels will be delivered on six Korea-flagged vessels,” Kang Hoon-sik, presidential chief of staff, said at a press briefing.
They will deliver the oil through “diversified supply channels”, he said, declining to elaborate on the route.
