A senior official says the recent attacks on Saudi Arabian oil production facilities will have a limited impact on South Korea's economy and the country won't encounter much of a problem securing crude oil in the short term.

Vice Minister of Economy and Finance Kim Yong-beom said in a meeting with relevant officials on Tuesday that most of the Saudi crude oil that South Korea imports is based on long-term contracts.

Kim said however that the country should prepare for possible instability in the Middle East across a longer time horizon, adding that strategic oil reserves will be released to stabilize supply and demand in case of any disruptions.

The vice minister said that the government will also seek alternative suppliers in cooperation with local oil refiners if necessary.

Global oil prices have surged on supply concerns following drone strikes on two Saudi Aramco crude processing facilities last Saturday. West Texas Intermediate futures ended at 62-point-nine U.S. dollars per barrel on Monday, a 14-point-seven percent surge from the previous trading day.

Kim said that other uncertainties are lingering, citing the U.S.-China trade conflict, Brexit and the key rate decision by the U.S. Federal Reserve.

He added that the government will examine contingency plans for major events and take timely measures in case volatility increases in financial and foreign exchange markets.