Presidential chief of staff Kang Hoon-sik speaks during a briefing at the presidential press center in Cheong Wa Dae in Seoul Friday, on government support for the return of Korean nationals from the United Arab Emirates and efforts to secure crude oil supplies. Yonhap
Korea will import more than 6 million barrels of crude oil from the United Arab Emirates in an emergency effort to stabilize fuel prices, the presidential office said Friday, as the conflict involving Iran roils global energy markets.
Presidential chief of staff Kang Hoon-sik said the decision was made following consultations directed by President Lee Jae Myung.
“I would also like to share the welcome news that we will purchase crude oil from the UAE,” Kang told reporters. “We discussed measures to secure additional oil imports, and as a result, emergency imports totaling more than 6 million barrels of crude have been confirmed.”
Kang added that the additional supply is expected to help ease pressure on domestic fuel prices.
Korea, the world’s fourth-largest crude oil importer, relies almost entirely on overseas energy supplies due to a lack of domestic petroleum resources. The country imports the vast majority of its crude oil from the Middle East, particularly from major producers such as Saudi Arabia, the United Arab Emirates and Kuwait.
The emergency purchase comes as global oil prices surge following the outbreak of war involving Iran, raising concerns over potential disruptions to energy shipments through the Strait of Hormuz — a key maritime chokepoint for global oil trade.
The sharp rise in crude prices has already begun to affect Korean consumers. Gasoline and diesel prices at local gas stations have climbed steadily, increasing the burden on households and businesses.
The president warned earlier this week that authorities will take strict action against illegal price manipulation, instructing regulators to monitor the market closely and impose penalties on companies found engaging in price gouging.
Officials said the emergency crude imports are part of a broader government effort to stabilize the domestic energy market and ensure sufficient fuel supplies if the conflict in the Middle East further disrupts global oil flows.
Source: Korea Times News
