Amid low oil stockpiles, insufficient spare capacity and geo-political instability in the Middle East, analysts are warning of another possible global oil crisis.

The Korea National Oil Corporation said Tuesday that the current surplus oil stock amounts to sixty days worth of consumption.

The states-run agency says the Organization of Petroleum Exporting Countries' spare capacity currently amounts to 1.5 to two million barrels per day and that if major oil fields or oil production facilities in the Middle East are destroyed and cannot be restored in sixty days, the world would face an absolute lack of oil.

A KNOC official said South Korea would be one of the most vulnerable nations in the event of a global oil crisis and called for concrete measures to address such possible contingencies.