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| ▲ The Ministry of Finance and Economy (Yonhap) |
finance ministry-oil supply
Finance ministry says U.S.-Iran ceasefire may ease oil supply concerns
SEOUL, April 8 (Yonhap) -- South Korea's finance ministry said Wednesday that a two-week ceasefire between the United States and Iran could help ease global oil supply conditions, yet uncertainties remain.
The assessment was made during a meeting between Moon Ji-sung, deputy minister for international economic affairs, and officials from oil-importing companies, the Export-Import Bank of Korea and the Korea National Oil Corp. to review financial support for oil imports.
U.S. President Donald Trump earlier said he had agreed to suspend strikes on Iran for two weeks, on the condition that the Islamic Republic accepts the "complete" and "immediate" reopening of the Strait of Hormuz.
The key Middle Eastern shipping route has effectively been closed since U.S.-Israeli strikes on Iran in late February, disrupting oil supplies and pushing up global oil prices.
"While the ceasefire announced today and the temporary lifting of the Strait of Hormuz blockade could somewhat ease crude oil supply conditions, uncertainties remain regarding future developments, and it is necessary to continue monitoring their impact on our economy," Moon said.
He added the government will work closely with relevant agencies to closely monitor oil supply and financial support conditions to ensure that necessary support is provided in a timely manner.
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