The Ministry of Trade, Industry and Energy announced that it has secured more than 90% of its crude oil volume for November compared to the previous year's average.

During a briefing by the "Middle East War Response Headquarters" on the 6th, the Ministry stated that for crude oil, 100% of the October import volume compared to the previous year's average has been secured, while over 90% of the November volume is currently being secured.

For naphtha, 100% or more of the October demand has been completely secured. The Ministry added that contracts are currently underway to secure more than 90% of the November demand.

The November crude oil volume announced by the Ministry this time represents an increase of about 15 to 20 percentage points compared to the "over 70%" reported in mid-last month.

Accordingly, the "November crisis theory" is expected to gradually subside.

In mid-last month, as the Middle East war intensified and disruptions occurred in crude oil exports from Saudi Arabia—the world's largest crude oil exporter—a "November crisis theory" was raised within the domestic refining and energy industry.

Adding to supply anxiety, foreign media reports last month revealed that U.S. Strategic Petroleum Reserve (SPR) inventories had dropped to their lowest level since 1982.

However, expectations for stabilizing international crude oil supplies are gradually building up recently, driven by increased crude oil exports from the Middle East and the Group of 7 (G7) decision to release strategic reserves, leading international oil prices to fall for two consecutive sessions as of the 5th (local time).

As of 8:00 AM on this day, Brent crude fell 0.1% from the previous day to $100.22 per barrel, and WTI fell 0.2% to $89.22 per barrel.

Domestic gasoline prices formed at 1,857.58 won per liter, up 0.002% from the previous day, while diesel prices stood at 1,843.08 won, down 0.012%.

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