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South Korea has secured around 50 million barrels of alternative oil supplies for this month to replace supplies from the Middle East blocked due to the effective closure of the Strait of Hormuz, government officials said Thursday.The government and oil refineries are working hard to secure alternative oil supplies from different countries, Deputy Minister for Trade, Industry and Resource Security Yang Ghi-wuk said in a regular briefing on energy supply, noting that Seoul has been knocking on doors of Saudi Arabia, Oman, Kazakhstan, the United States and other countries.About 80 million barrels of oil arrive in South Korea each month when things run as usual, but around 50 million barrels have been tentatively secured at the moment for this month, with alternative supplies expected to increase in May, South Korea’s (Yonhap) news agency quoted Yang as saying.To cover the shortfall, the government is controlling the demand and working to help with supplies through a crude oil swap system with private companies, he added, noting the government will continue close monitoring of the market.
