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South Korea Weighs First Driving Curbs in 35 Years on Oil Crunch
South Korea considers expanding driving limits to the public if oil prices reach $120 per barrel to reduce inflation and energy risks amid the Iran conflict.
- South Korea may widen driving restrictions to the general public if crude prices breach $120 a barrel, Finance Minister Koo Yun Cheol said, seeking to cushion the energy impact of the ongoing Middle East war.
- With 70% of crude imports sourced from the Middle East, South Korea remains vulnerable to regional conflicts and has already imposed a vehicle rotation system for civil servants based on license plate digits.
- Brent Crude surged over 2% on Monday to top $115 a barrel after the Houthis fired missiles at Israel over the weekend, and any nationwide driving curbs would be the first since the 1991 Gulf War.
- Koo told KBS on Sunday that the ministry is reviewing whether to extend restrictions to the private sector, stating "we hope the war ends soon so that such measures won't be necessary."
- Beyond oil supplies, the country is delaying coal-fired power generation retirement and remains exposed to Qatari LNG risks, as officials evaluate whether to elevate the crisis alert to a "warning" stage.
11 Articles
11 Articles
South Korea Weighs First Public Driving Restrictions in 35 Years
South Korea is weighing the possibility to extend driving curbs from civil servants’ use of vehicles to the general public if oil prices hit $120 per barrel, Finance Minister Koo Yun Cheol said. If enacted, such a measure would be the first in South Korea since 1991 during the Gulf war. Early on Monday, oil prices were rising by over 2% with Brent Crude topping $115 per barrel amid an escalating conflict which now involves the Iran-backed Houthi…
South Korea Signals Wider Driving Curbs Amid Oil Prices Surge
South Korea may extend driving restrictions to the public if global oil prices continue to rise, officials said, as the government looks to curb energy demand amid supply pressures linked to the U.S.-Israeli war with Iran. Finance Minister Koo Yun-cheol said on Sunday the government could expand restrictions on passenger car use beyond public institutions […] The post South Korea Signals Wider Driving Curbs Amid Oil Prices Surge appeared first o…
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