Market Chatter: South Korea May Secure Crude Oil from Kazakhstan Amid Middle East War
South Korea may be close to securing crude oil supplies from Kazakhstan, and may announce specific amounts and details early next week, Reuters reported Sunday, citing industry minister Kim Jung-kwan during his interview with local broadcaster KBS.Earlier in April, Kim, along with the Presidential Chief of Staff Kang Hoon-sik traveled to Kazakhstan to discuss securing crude oil and naphtha, Reuters reported.The negotiations came amid the ongoing Middle East war, which makes it crucial for South Korea to seek alternative oil sources. The country almost solely depends on imports for its energy, with 70% of oil supplies coming from the Middle East, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)