SEOUL - South Korea will allow domestic oil refiners to swap crude supply from its national reserve, the industry ministry confirmed.
Under the new policy, refiners can temporarily borrow crude oil from the government and return an equal amount once their overseas shipments arrive.
Authorities anticipate no disruption in crude supply through at least June, according to a ministry spokesperson. Refiners have already secured over 20 million barrels of crude for delivery by the end of June.
The move aims to provide short-term flexibility to refineries without tapping into emergency reserves.