Key facts
- South Korea will lower its crude oil security alert to Level 2.
- The natural gas alert will be lifted.
- Global oil prices have stabilized.
- Advancements in peace negotiations between the U.S. and Iran contributed to the decision.
South Korea will lower its crude oil security alert to Level 2 and lift the natural gas alert due to stabilized global oil prices and progress in U.S.-Iran peace talks, according to Vice Industry Minister Moon Shin-hak.