Exporters and energy companies attended the “Democratic Party-industry emergency meeting on Middle East issues,” urging the government to respond quickly to what they called a compound crisis driven by Middle East instability and U.S. tariffs.
Democratic Party lawmaker Kim Young-bae said South Korea relies on the Middle East for about 70% of its crude oil. “It’s a very grave situation,” he said, calling for diversified supply chains and tighter energy security.
Democratic Party lawmaker Ahn Do-geol said crude oil stockpiles cover about 270 days, but liquefied natural gas reserves amount to only about nine days. He urged a stronger plan centered on LNG supply.
Representing industry, Kim Chang-beom, vice chairman of the Federation of Korean Industries, warned that if the Iran situation drags on, it could quickly weigh on the broader economy, including energy and shipping. He said difficulties could deepen for the petrochemical sector, where restructuring has only just begun.
Kim said broad government support is needed, citing key variables such as energy and logistics costs, exchange rates and non-tariff barriers. He also asked lawmakers to help pass a “special law on investment in the United States” quickly through bipartisan agreement.
After opening remarks, the meeting shifted behind closed doors. Oh Tae-gil, vice president of HD Hyundai Oilbank, told reporters afterward that he asked the government to release oil from strategic reserves. He said there was no discussion of the petrochemical sector, where naphtha cracking capacity is being reduced.
Democratic Party lawmaker Heo Seong-moo said response measures for the shipping industry were also discussed. He said participants raised the need to keep hotlines with embassies and consulates running smoothly to ensure the safety of employees and family members dispatched to the Middle East.
Heo said a recent rise of about 200 won per liter in gasoline prices reflected, in part, psychological factors, and stressed the need for the government to send a stabilizing signal to the market.
International oil prices have jumped amid the fighting, fueling controversy around domestic refiners. Critics have raised collusion suspicions after refiners adjusted prices preemptively, rather than following the usual practice of reflecting global oil-price increases two to three weeks later. Gasoline prices in Seoul topped 1,800 won per liter, the highest level in about two years and five months.
The government has said it will respond strictly to unfair trading and has announced plans to hold meetings with refiners and others to review oil supply and market conditions.
The meeting, hosted by the Democratic Party, was attended by Hanwha Ocean President Jeong In-seop; Samsung Electronics Vice President Yoon Young-jo; Hyundai Motor Vice President Lee Hang-soo; HD Hyundai Oilbank Vice President Oh Tae-gil; Ko Yoon-joo, head of LG’s Global Strategy Development Institute; Park Seok-joong, head of SK’s Management and Economy Research Institute; Ahn Young-mo, head of policy at GS Caltex; FKI Vice Chairman Kim Chang-beom; Jang Sang-sik, head of the Korea International Trade Association’s Institute for International Trade; and Kim Myeong-hee, vice president of the Korea Trade-Investment Promotion Agency.
HMM was listed among participants but did not attend due to company circumstances, according to the report.
* This article has been translated by AI.
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