The government plans to lower the resource security crisis warning for crude oil by a notch to Level 2, the vice industry minister said Tuesday, following the stabilization of global oil prices amid progress in peace talks between the United States and Iran.
Vice Industry Minister Moon Shin-hak made the remark during a Cabinet meeting held at the presidential office, adding the alert for natural gas will be fully lifted as well.
South Korea operates a four-tier national resource security crisis warning system based on the severity of supply disruptions and their impact on the national economy. (Yonhap)
