Korea launches first oil swap program to offset Middle East risks

South Korea is launching its first strategic oil swap program, lending government crude reserves to refiners in exchange for future deliveries of alternative supplies, as tensions in the Middle East threaten key shipping routes. The scheme, announced Tuesday by the Ministry of Trade, Industry and Resources, aims to bridge short-term supply gaps while accelerating efforts to diversify crude imports away from the Middle East. “This is a flexible use of stockpiles to manage timing gaps as refiners