South Korea Locks In 273 Million Barrels of Crude That Won't Touch Hormuz

South Korea has secured 273 million barrels of Middle Eastern and Kazakh crude that will not need to transit the Strait of Hormuz—volumes that would sustain its economy for more than three months. "The 273 million barrels of crude oil, based on last year's consumption levels, are sufficient to sustain the economy for more than three months under normal operating conditions without the need for additional emergency measures," presidential chief of staff Kang Hoon-sik said Wednesday. Kang has just returned from a week-long tour to Oman, Saudi…