The Ministry of Trade, Industry and Energy held an emergency meeting Friday to inspect the situation in the global oil market amid tensions in the Middle East.
 
Vice Minister of Trade, Industry and Energy Moon Jae-do held the meeting with oil market experts and refinery firms at the Korea Coal Center in Seoul and examined prospects on supply and demand.
 
Moon said that the severed diplomatic ties between Saudi Arabia and Iran could impact the supply of petroleum, and that South Korea will maintain close cooperative relations with other oil producing nations.
 
As of November, South Korea imported 82 percent of its crude oil from the Middle East of which Saudi Arabia accounted for 30 percent and Iran four percent.
 
The vice minister also urged oil refineries to seek mid-to-long-term measures including expanding and diversifying import channels.