Lee says country must balance risk as Hormuz disruptions threaten supplies

South Korea must accept a degree of risk in importing crude oil from the Middle East amid blockages of the Strait of Hormuz, President Lee Jae Myung said on Monday.



"There are not many alternative routes, and if shipments are cut off altogether because of heightened risk, it could have a serious impact on South Korea's crude supply and pose a major risk to the public, so we need to strike a balance and accept a certain degree of risk," Lee said in a cabinet meeting.



South Korean authorities have been consulting with other oil-producing countries to secure alternative routes, including Saudi Arabia, Oman and Algeria, ruling Democratic Party lawmaker Ahn Do-geol said on Monday.



Ahn told reporters that diplomatic efforts led by the foreign ministry included the potential dispatch of special envoys to support the process.



The Industry Ministry is pushing a plan to deploy five South Korean-flagged vessels on the Red Sea route and officials had discussed supplying government-held oil reserves to private refiners first, with swaps to be made once replacement cargoes secured overseas arrive in the country, he said.