SEOUL, September 10 (AJP) - Prime Minister Han Seong-sook on Thursday ordered officials to secure crude oil supplies in advance amid renewed tensions in the Middle East, citing concerns over possible supply disruptions.
Speaking at an emergency meeting at the government complex in central Seoul, Han said South Korea has secured enough crude oil to cover more than 90 percent of last year's volume through October, leaving no immediate concerns about domestic supply. But she called for additional efforts to secure supplies for November and beyond in case tensions in the Middle East persist.
Han also instructed officials to closely monitor major shipping routes including the Strait of Hormuz and the Red Sea, as well as global supply and demand for crude oil and other key raw materials.
Stressing the need to minimize the impact of higher international oil prices on the economy and households, Han also called for measures to stabilize consumer prices ahead of Chuseok, one of the country's biggest holidays, and asked authorities to take firm action against any activities that could drive up prices.
Han said South Korea's economy grew 3.8 percent in the first half of the year, driven by strong exports, but urged officials not to let their guard down, asking them to closely monitor financial and foreign exchange markets and take swift action to contain excessive market volatility.
Speaking at an emergency meeting at the government complex in central Seoul, Han said South Korea has secured enough crude oil to cover more than 90 percent of last year's volume through October, leaving no immediate concerns about domestic supply. But she called for additional efforts to secure supplies for November and beyond in case tensions in the Middle East persist.
Han also instructed officials to closely monitor major shipping routes including the Strait of Hormuz and the Red Sea, as well as global supply and demand for crude oil and other key raw materials.
Stressing the need to minimize the impact of higher international oil prices on the economy and households, Han also called for measures to stabilize consumer prices ahead of Chuseok, one of the country's biggest holidays, and asked authorities to take firm action against any activities that could drive up prices.
Han said South Korea's economy grew 3.8 percent in the first half of the year, driven by strong exports, but urged officials not to let their guard down, asking them to closely monitor financial and foreign exchange markets and take swift action to contain excessive market volatility.
Separately, Han said the whereabouts of nine South Korean nationals still remain unknown following catastrophic floods and landslides in Nepal late last month. She offered condolences to their families and pledged that the government would work closely with Nepalese authorities in ongoing search and rescue efforts.
AJP Takeaways
- Prime Minister Han Seong-sook on Sept. 10, 2026, ordered officials to take preemptive measures to secure crude oil supplies amid rising tensions in the Middle East.
- South Korea has secured enough crude oil to cover more than 90 percent of last year’s volume through October, but Han called for additional supplies to be secured for November and beyond if tensions persist.
- Han also ordered close monitoring of the Strait of Hormuz, the Red Sea, global raw-material supplies, and financial markets while urging measures to limit the impact of higher oil prices on households and consumer prices.
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