{"id":2206941,"date":"2024-10-28T08:00:28","date_gmt":"2024-10-27T23:00:28","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206941"},"modified":"2024-10-27T21:13:20","modified_gmt":"2024-10-27T12:13:20","slug":"south-koreas-energy-security-at-risk-as-israel-iran-conflict-raises-oil-risks","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/10\/south-koreas-energy-security-at-risk-as-israel-iran-conflict-raises-oil-risks\/","title":{"rendered":"South Korea\u2019s energy security at risk as Israel-Iran conflict raises oil risks"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s presidential office convened a <\/span><a href=\"https:\/\/www.president.go.kr\/newsroom\/press\/SZeVVNad\"><span style=\"font-weight: 400;\">security and economic review meeting<\/span><\/a><span style=\"font-weight: 400;\"> on Sunday to evaluate risks arising from Israel\u2019s <\/span><a href=\"https:\/\/www.idf.il\/%D7%90%D7%AA%D7%A8%D7%99-%D7%99%D7%97%D7%99%D7%93%D7%95%D7%AA\/%D7%99%D7%95%D7%9E%D7%9F-%D7%94%D7%9E%D7%9C%D7%97%D7%9E%D7%94\/%D7%9B%D7%9C-%D7%94%D7%9B%D7%AA%D7%91%D7%95%D7%AA\/%D7%94%D7%A4%D7%A6%D7%95%D7%AA\/%D7%9E%D7%91%D7%A6%D7%A2-%D7%99%D7%9E%D7%99-%D7%AA%D7%A9%D7%95%D7%91%D7%94-%D7%96%D7%94-%D7%9E%D7%94-%D7%A9%D7%A7%D7%A8%D7%94-%D7%91%D7%9E%D7%94%D7%9C%D7%9A-%D7%94%D7%9C%D7%99%D7%9C%D7%94\/\"><span style=\"font-weight: 400;\">strikes<\/span><\/a><span style=\"font-weight: 400;\"> on Iran over the weekend. The meeting focused on ensuring the safety of South Korean nationals, businesses and diplomatic missions in the Middle East. Officials confirmed that South Korea holds over 200 days\u2019 worth of oil reserves, indicating a sufficient buffer against immediate disruptions to energy supplies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Alongside reviewing energy security measures, officials pledged to monitor global financial and energy markets. While financial markets in South Korea remain stable, the presidential office emphasized its readiness to implement market-stabilizing measures if necessary.<\/span><\/p>\n<p><b>WHY IT MATTERS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Though South Korea\u2019s domestic oil reserves cover over six months of consumption, a prolonged conflict could drive up global oil prices and reverse the country\u2019s inflation trends. Inflation moderated to around <\/span><a href=\"https:\/\/english.moef.go.kr\/pc\/selectTbPressCenterDtl.do?boardCd=N0001&amp;seq=5975#:~:text=The%20consumer%20price%20index%20(CPI,since%20February%202021%20(1.4%25).\"><span style=\"font-weight: 400;\">1.6%<\/span><\/a><span style=\"font-weight: 400;\">, allowing the Bank of Korea (BOK) to <\/span><a href=\"https:\/\/koreapro.org\/2024\/10\/south-koreas-central-bank-cuts-interest-rates-to-boost-economy-and-exports\/\"><span style=\"font-weight: 400;\">cut interest rates<\/span><\/a><span style=\"font-weight: 400;\"> for the first time in over three years earlier this month. Any substantial increase in energy costs would threaten South Korea\u2019s economic growth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The BOK has been under pressure to cut rates due to sluggish domestic consumption and weaker-than-anticipated exports. However, rising energy prices will once again force the central bank to shift its focus toward reining in inflation, preventing it from pursuing a looser monetary policy. Under such circumstances, South Korea might not reach the <\/span><a href=\"https:\/\/koreapro.org\/2024\/08\/south-koreas-central-bank-holds-rates-steady-for-13th-consecutive-time\/\"><span style=\"font-weight: 400;\">2.4% growth estimates<\/span><\/a><span style=\"font-weight: 400;\"> this year.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s presidential office convened a security and economic review meeting on Sunday to evaluate risks arising from Israel\u2019s strikes on Iran over the weekend. The meeting focused on ensuring the safety of South Korean nationals, businesses and diplomatic missions in the Middle East. Officials confirmed that South Korea holds over 200 days\u2019 worth of [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2206942,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2206941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea\u2019s energy security at risk as Israel-Iran conflict raises oil risks - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/10\/south-koreas-energy-security-at-risk-as-israel-iran-conflict-raises-oil-risks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s energy security at risk as Israel-Iran conflict raises oil risks - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s presidential office convened a security and economic review meeting on Sunday to evaluate risks arising from Israel\u2019s strikes on Iran over the weekend. The meeting focused on ensuring the safety of South Korean nationals, businesses and diplomatic missions in the Middle East. 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