South Korea: Suggestion of surplus oil treatment measures before crude oil reduction

In the first half of this year, average daily crude oil production recorded 5,896 tons due to the mild winter climate, an increase of 2.1% from the same period last year, but average daily crude oil consumption decreased by 0.2% to 5,238 tons due to the aftermath of Corona 19, resulting in a daily average surplus Crude oil volume increased by 23.4% to 638 tons. As the imbalance in supply and demand for raw milk has been prolonged, the Dairy Farmers Promotion Association is reported to have sent a notice to dairy farms on the 11th, saying that there is a possibility of pursuing measures to reduce milk production (implementing a negative quota, reducing prices in excess of quotas) to stabilize supply and demand from January 1 next year. If surplus milk continues to increase, it is an unavoidable measure because smooth business operation within the budget for supply and demand control of the Dairy Farming Promotion Association could be difficult. In response, the Korea Dairy Farming ...