South Korea considers extending the crude oil swap mechanism until July

Vice Minister of Trade, Industry and Energy of South Korea, Yang Ghi-wuk, said on Thursday that given the continued demand from enterprises, the government is considering extending the crude oil swap mechanism with private companies—originally introduced to stabilize the domestic fuel supply—until July. He stated, “We have decided to extend the strategic oil reserve swap mechanism until June, and are considering whether to extend it until July.” He also noted that if enterprise demand persists, the government may further extend the operation period of this mechanism. (Xinhua News Agency)