South Korea initiates resource security crisis alert, considering measures such as vehicle restriction policies.

According to Yonhap News Agency, with an oil supply crisis becoming a reality, the South Korean government at 3:00 p.m. on the 18th raised the resource security crisis alert from Level 1 “Watch” to Level 2 “Caution.” After comprehensively considering the severity of the crisis and the impact it will have on the lives of the public and the national economy, the government decided to initiate a resource security crisis alert. The government will further expand oil supply and tighten demand management. On the supply side, this week the government will announce details regarding participation in the International Energy Agency’s plan to release strategic oil reserves, actively exercise its right of prior purchase to secure international oil reserves, and open up oil import channels that do not go through the Strait of Hormuz, among other steps. On the demand side, the government will cooperate with relevant agencies such as the Ministry of Climate and Energy and the Environment to implement mandatory energy-saving measures for the public sector, and will consider measures such as restricting vehicle traffic. (China Financial News Agency)