South Korea will limit refined oil exports from refineries

South Korea’s Minister of Trade, Industry, and Energy, Kim Joo-hyun, stated at a cabinet meeting that South Korea will set limits on the export volume of petroleum products from refineries.

This move aims to prevent excessive exports overseas caused by price differences between domestic and international markets, as South Korea has already set price caps on gasoline, diesel, and kerosene supplies from refineries.

South Korea’s Minister of Economy and Finance, Choo Kyung-ho, announced at the meeting that naphtha will be classified as an item of economic security this week, and measures including export restrictions will be implemented to stabilize supply.