South Korea secures extra 18m barrels of oil from UAE

SEOUL, March 18, (AFP): South Korea said on Wednesday it would receive an additional 18 million barrels of oil from the United Arab Emirates through multiple supply channels as the Iran war disrupts global supplies and sends prices higher.
About 70 percent of South Korea's crude oil imports pass through the Strait of Hormuz, which Iran has effectively closed since US-Israeli strikes began on February 28.
"The UAE will supply six million barrels via three UAE-flagged vessels, and an additional 12 million barrels will be delivered on six Korea-flagged vessels," Kang Hoon-sik, presidential chief of staff, said at a press briefing.
They will deliver the oil through "diversified supply channels", he said, declining to elaborate on the route.
"As 70 percent of the crude oil we import passes through the Strait of Hormuz, securing alternative supply routes that bypass the strait is urgently needed," he added.
The world's eighth-largest consumer of crude oil has also struck an agreement with the UAE that would allow it to "make emergency purchase of crude oil at any time".