The government said on the 1st it will issue a "caution" resource security alert for crude oil starting at midnight. Caution is the step right before the most serious situation. The resource security alert is issued so the government can take phased actions depending on energy supply-and-demand crises. There are four levels: "attention-caution-cautionary-severe." This is the first time a "caution" has been issued for crude oil.
The government said it chaired the "5th Resource Security Council" that afternoon and will raise the crude oil resource security alert from attention to caution, and natural gas from attention to caution. The resource security alert is based on the Special Act on National Resource Security. The government issues it after comprehensively considering instability in oil-producing countries, concerns about disruptions in transporting energy products, and increased volatility in international oil prices.
Earlier, after the Middle East crisis, the government issued the first-level "attention" for oil and gas on the 5th of last month. It was the first oil alert ever. As the Middle East crisis dragged on and international oil prices kept rising, the government on the 18th of the same month raised oil to "caution" and kept gas at "attention."
The "caution" level means the step right before the worst-case scenario, and the government will fully implement emergency response manuals prepared at the attention (level 1) and caution (level 2) stages to expand supply and curb demand. The government will actively secure alternative cargoes that do not transit the Strait of Hormuz through commercial officers at overseas missions. It will also begin full-scale imports of the overseas output of the Korea National Oil Corporation (KNOC). In addition, stockpiled oil will be provided once the private sector's loading of alternative crude is confirmed.
To curb energy demand, the government decided to introduce an odd-even driving rule for vehicles in the institutional sector. Under the odd-even rule, cars with license plates ending in an odd number may operate only on odd-numbered days, and those ending in an even number only on even-numbered days. This further shortens the eligible driving days compared with the five-day driving rule for public-sector vehicles that has been in effect since the 25th of last month. In addition, the five-day rule will also apply to private vehicles when entering public parking lots and public institutions.