The Strategy of South Korea in the Global Oil Market

Jaehyung An, Alexey Mikhaylov and Sang-Uk Jung
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Jaehyung An: College of Business, Hankuk University of Foreign Studies, Seoul 02450, Korea
Sang-Uk Jung: College of Business, Hankuk University of Foreign Studies, Seoul 02450, Korea

Energies, 2020, vol. 13, issue 10, 1-8

Abstract: The paper analyzes South Korea’s strategy in the global oil market. South Korean oil cooperation is characterized by the creation or termination of joint projects in the oil sector, as well as the Republic of Korea’s national project for the diversification of state-energy suppliers. Oil cooperation currently has great potential, and the conditions that have developed at the highest level allow open discussions about positive dynamics for short-term and medium-term prospects in the field of oil cooperation. The analysis presented here includes export and import connections in the oil market. The authorities of the current administration of the Republic of Korea have adopted a new political stance towards the north, in accordance with which the state is actively developing and establishing relations with the Democratic People’s Republic of Korea (DPRK) and the Russian Federation. In the coming years, South Korea aims to renew and revise potential projects in the field of oil cooperation. The main result of this is that the political climate of the Republic of Korea is currently concentrated on the development of an oil cooperation strategy.

Keywords: game theory; South Korea; oil policy; resource saving; economic development; oil cooperation (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

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