The Korean government has secured three months' worth of crude oil supplies in response to energy risks stemming from the Middle East conflict. Presidential Chief of Staff Kang Hoon-sik, who served as President Lee Jae-myung's special envoy for strategic economic cooperation and visited four countries including Kazakhstan, Oman, Saudi Arabia, and Qatar from January 7-14, announced Wednesday that "we have confirmed imports of 273 million barrels of crude oil and up to 2.1 million tons of naphtha by the end of this year."
At a briefing held at Cheong Wa Dae, Kang stated that "273 million barrels of crude oil is enough to operate the economy normally for more than three months based on last year's consumption, without any emergency measures." Regarding the 2.1 million tons of naphtha, he said it represents "approximately one month's worth of imports based on last year's figures."
Specifically, Korea will import 250 million barrels from Saudi Arabia, 18 million barrels from Kazakhstan, and 5 million barrels from Oman. Kang emphasized that "the oil and naphtha secured this time will be imported from alternative supply routes unrelated to any Strait of Hormuz blockade, which will directly and substantially contribute to stabilizing domestic supply."
In Qatar, which was an unplanned addition to his itinerary, Kang conveyed Korea's request for uninterrupted fulfillment of liquefied natural gas (LNG) supply contracts and received assurances that "Korea is a top priority."
Previously, Kang had announced securing a total of 24 million barrels of crude oil from the United Arab Emirates (UAE) through two separate agreements.
Securing Bypass Routes Around Hormuz
While the government has established a short-term foundation for supply stability by securing large quantities of crude oil and naphtha in response to Middle East energy supply concerns, observers note that fundamental countermeasures are needed as geopolitical risks become prolonged. Industry experts point out that simply negotiating volumes with individual oil-producing countries has limitations, and developing medium- to long-term strategies to bypass structural risks such as a Strait of Hormuz blockade is urgent. The industry is paying attention to Kang's discussions with oil-producing nations on fundamental crisis resolution measures, including establishing external oil storage facilities.
After visiting the four countries, Kang stated at the briefing that "Middle Eastern oil-producing countries have expressed continued interest in expanding international joint stockpiling programs using Korea's oil storage facilities." He added, "We exchanged in-depth views on cooperation measures in various fields to fundamentally resolve risks from a Strait of Hormuz blockade. With the supplementary budget including funding for expanding domestic stockpile storage facilities, we expect joint stockpiling with major oil-producing countries to expand, ensuring oil supply stability even in emergencies."
The supplementary budget passed by the National Assembly includes 3 billion won for stockpile base maintenance and facility expansion design.
The government had previously disclosed that Middle Eastern oil-producing nations are in contact to utilize Korea's oil stockpile bases. Yang Ki-wook, Director General of Industrial Resources Security at the Ministry of Trade, Industry and Energy, explained the background: "Interest from the Middle East in utilizing Northeast Asian stockpile bases is growing. Oil-producing countries believe they can reduce risks if they can store crude oil outside the strait in advance and sell it later."
The additional crude oil and naphtha volumes secured through this visit have been assessed as easing energy supply concerns for now. The 273 million barrels secured by the special envoy delegation can sustain the economy for more than three months based on last year's consumption when no emergency economic measures were in place. The 2.1 million tons of naphtha also represents approximately one month's worth of imports based on last year's figures.
Notably, Saudi Arabia agreed to load 50 million barrels of crude oil—previously allocated to Korean companies but with uncertain shipping—through alternative ports adjacent to the Red Sea in April-May, and to prioritize allocation and shipping of 200 million barrels to Korean companies from June through year-end. Kang noted that "right now, crude oil and naphtha cannot be obtained even with money," while explaining that import prices "were discussed based on market prices."
In Oman, Kang met with Deputy Prime Minister for Economic Affairs Dhi Yazan bin Haitham Al Said, who is first in line to the throne and the eldest son of Sultan Haitham bin Tariq Al Said, to request support for the safe passage of 26 Korean vessels in the Strait of Hormuz, receiving a response of "active cooperation." Through meetings with local senior officials, he also secured supply commitments for approximately 5 million barrels of crude oil and up to 1.6 million tons of naphtha by year-end.
Meanwhile, the government will maintain its emergency response posture despite prospects of resumed ceasefire negotiations between the United States and Iran. Kang said the government will "implement measures necessary to maintain market order, including bans on hoarding by product category and emergency supply stabilization measures, in a timely manner." Energy conservation measures such as the even-odd license plate system for public institution vehicles, the one-in-five system for public parking lots, and voluntary private sector one-in-five measures will continue for the time being. Regarding oil price caps, he stated, "Implementation continues, but it's a matter of pricing. We are discussing whether price adjustments are necessary."
Regarding the passage of Korean vessels stranded in the Strait of Hormuz, Foreign Minister Cho Hyun stated there are currently no plans to pay Iran any consideration. At the National Assembly's Foreign Affairs and Unification Committee, in response to a question from People Power Party lawmaker Ahn Cheol-soo asking whether paying Iran and extracting the vessels could conflict with U.S. counter-blockade measures, Cho replied, "There are no plans to pay any consideration to Iran that would contradict what the U.S. side is saying."
Cho also revealed that safety information on the 26 vessels has been provided to multiple countries. "We provided it not only to Iran but to all nearby Gulf Cooperation Council (GCC) countries and the United States, requesting their support for safety," the minister said.
