‘Korea should invest in oil company stocks as hedge’

Korea should think seriously about investing in global oil company stocks as a hedge against soaring oil prices, said David (Young-hoon) Kim, the World Energy Council’s regional vice chairman for South Asia and Asia-Pacific, who projects global crude prices will hit $100 a barrel soon..

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Asia’s fourth-largest economy ranks within the world’s top 10 energy consumers and imports 99.6 percent of its oil.

Kim warned that Korea cannot rely on its current major industries such as automobiles and information technology because high oil prices threaten to erode the national income.

Korea Herald