[기로에 선 GS] 중동 리스크, GS칼텍스 불확실성 ‘딜레마’

GS Caltex faces a critical dilemma as geopolitical tensions in the Middle East create both short-term profit opportunities and significant long-term risks. While elevated oil prices and refining margins are currently boosting first-quarter profitability, the government's price ceiling policy is creating substantial losses with unclear compensation mechanisms. The core challenge lies in managing supply chain vulnerabilities—as South Korean refiners depend on the Middle East for 60-70% of crude oil imports, any prolonged disruption could force operational cuts and financial stress.