South Korea takes measures to cope with crude price surge

February 28th, 2011 - 12:17 am ICT by IANS  

Seoul, Feb 27 (IANS/WAM) South Korea, which relies almost entirely on imports for its oil needs, will implement nationwide conservation measures in the wake of surging crude prices, the government said Sunday.The move comes as the price for a barrel of Dubai crude, South Korea’s benchmark, has shot up to over $100 on the spot market for over five straight days.

The ministry of knowledge economy said that since crude prices will probably not fall off in the foreseeable future due to political uncertainties in some North African countries, Seoul has officially raised its energy alert level one notch from “blue” to “yellow”.

The country issued a “blue” alert Dec 29 after prices for a barrel of crude shot past the $90 mark.

With the issuing of the “yellow” alert, government measures will be taken to reduce unnecessary energy use without unduly inconveniencing industrial activities and the everyday life of the people. The ministry said the measures will go into effect from Monday.


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