SEOUL, April 1 (Xinhua) -- South Korea will raise its resource security crisis alert for crude oil from "caution" to "alert" under its four-tier system, effective at 00:00 local time on Thursday, as a prolonged conflict in the Middle East heightens concerns over an energy crisis, Yonhap News Agency reported Wednesday.
The government will also raise the crisis alert for natural gas from "attention" to "caution," according to the Ministry of Trade, Industry and Resources.
The government had initially issued an "attention" alert for crude oil on March 5 following the outbreak of the Middle East conflict, before raising it to "caution" on March 18 amid worsening supply conditions, including the continued closure of the Strait of Hormuz. The natural gas alert has remained at the "attention" level since March 5.
The latest upgrade reflects a shift from rising concerns over supply instability to actual disruptions, with difficulties emerging in crude oil procurement in the international market and domestic crude inventories falling by more than 20 percent.
South Korea's resource security alert system for crude oil and natural gas consists of four levels: "attention," "caution," "alert" and "serious." ■
