Korea Joongang Daily
Korea JoongAng Daily

OPEC+ agrees to increase oil production by 137,000 barrels

Eight member states of OPEC+ agreed Sunday to increase oil production by nearly 137,000 barrels per day starting next month, marking the seventh consecutive month of output hikes.

2025-09-08

Oil rises and U.S. stock futures slide as markets react to strike on Iran nuclear sites

The price of oil rose and U.S. stock futures fell as global markets react to the U.S. strike against nuclear targets in Iran. The price of Brent crude oil, the international standard, rose 3.3 percent to $79.60 a barrel.

2025-06-23

Oil jitters as U.S. strikes on Iran raise global market fears

Korea and other energy-importing countries are bracing for turbulence in global oil and financial markets after the United States launched a surprise airstrike on Iran’s nuclear facilities on Saturday.

2025-06-22

Oil rises 1% on reports Israel preparing strike on Iranian nuclear facilities

Oil prices jumped more than 1 percent on Wednesday after reports Israel is preparing a strike on Iranian nuclear facilities, raising fears that a conflict could upset supply availability in the key Middle East producing region.

2025-05-21

Oil prices drop with most Asian markets closed for holidays

Oil prices fell Monday after the OPEC-plus group of oil-producing nations said it plans to increase output.

2025-05-05

Olive oil prices soar 30 percent as climate change ravages Spain's groves

Olive oil price from major retailers in Korea rose by more than 30 percent earlier this month due to the impacts of climate change.

2024-05-14

Korea's import prices fall for 2nd month in December on declining oil prices

Korea's import prices declined for a second straight month in December due to a decline in oil prices, central bank data showed Tuesday, amid hope for the bank's pivot toward easing policy.

2024-01-16

Oil prices rebound, as Middle East remains unstable

Oil prices rebounded following conflicts in the Middle East, despite a previous slump due to Saudi Arabia's slashing of rates. Market analysts attribute ongoing fluctuations to geopolitical risks.

2024-01-14

Import prices drop in November, ending 4-month rise

Korea's import prices dropped in November after four consecutive months of rising due to a decline in the prices of oil, chemical goods and IT products, giving relief to the Bank of Korea's (BOK) rate policy.

2023-12-13

Inflation loses pace in November, still remains above 3 percent

Domestic inflation grew at a slower pace in November but stayed above 3 percent for the fourth consecutive month amid high prices of farm goods and energy sources.

2023-12-05