South Korea will import 6 million barrels of crude oil from the United Arab Emirates in an emergency measure amid concerns over supply disruptions following the closure of the Strait of Hormuz due to the U.S.-Israel war with Iran.
Presidential Chief of Staff Kang Hoon-sik announced at the Chunchugwan press center on the afternoon of the 6th, "Following President Lee Jae-myung's directive, I discussed oil import measures with Abu Dhabi Executive Council Chairman Khaldoon Khalifa Al Mubarak, and we have confirmed the emergency import of 6 million barrels."
Kang said two Korean-flagged tankers, each with a capacity of 2 million barrels, will immediately dock at alternative UAE ports that do not require passage through the Strait of Hormuz. The vessels will be loaded with 4 million barrels of crude oil stored at the port by the UAE's state-owned oil company and return as soon as possible.
"In addition to these two tankers, we plan to continue expanding oil imports through alternative ports," Kang said. "The UAE has also promised that 2 million barrels from the joint stockpile stored in Korea can be provided whenever we need it."
Kang emphasized that the emergency import of more than 6 million barrels—exceeding twice Korea's daily consumption—will contribute to stabilizing both energy supply and oil prices, which have recently been excessively volatile.
"This emergency crude oil import from the UAE is a fruit of strategic economic cooperation between the two countries," he said.