Government: oil stockpiles sufficient despite Middle East risks

Mar 10, 2026, 08:48 am

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Kim Yong-bum, presidential chief of policy, briefs reporters at the Chunchoogwan press center of the presidential office on March 9 about the results of an emergency economic inspection meeting on the Middle East situation. /Yonhap News

The presidential office said Monday that South Korea has enough oil reserves to last about 208 days, adding that the risk of gas supply disruptions remains low despite tensions in the Middle East.

Kim Yong-bum, the presidential chief of policy, made the remarks during a press briefing at the Chunchoogwan press center after an emergency economic inspection meeting on the Middle East situation.

According to Kim, South Korea currently holds 190 million barrels of oil reserves, which could sustain the country for 208 days under International Energy Agency (IEA) standards.

“During today’s meeting, the government reviewed measures for oil and gas supply under various scenarios, including worst-case situations,” Kim said.

He noted that about 1.7 million barrels of crude oil imported daily could be affected if the Strait of Hormuz were blocked. However, the existing reserves would help mitigate the impact.

Kim explained that the 208-day estimate follows the IEA standard, which assumes the oil is not used for petrochemical purposes such as naphtha.

“Under Korea’s actual conditions, the 208 days would effectively be reduced to about four months,” he added.

The government is also preparing for a prolonged Middle East crisis. Kim said South Korea could exercise priority purchase rights for 20 million barrels of oil jointly stored with oil-producing countries.

In addition, crude oil produced overseas by the Korea National Oil Corporation could be redirected to domestic supply if necessary.

“To secure alternatives to Hormuz shipments, both the government and private sector will work together with full efforts,” Kim said. “In the mid-to-long term, we will diversify crude oil import sources beyond the Middle East to prevent supply disruptions even if the situation continues.”

He also said South Korea recently secured more than 6 million barrels of crude oil from the United Arab Emirates (UAE) and is continuing diplomatic efforts to obtain additional supplies while monitoring international discussions, including those among Group of Seven (G7) countries.

Regarding natural gas, the Middle East accounts for about 14 percent of South Korea’s planned imports this year. Although about 5 million tons of Qatari gas shipments could face disruptions, Kim said alternative supplies could be arranged through the Korea Gas Corporation.

“The government will mobilize all available measures to stabilize oil and gas supply and prices,” Kim said.

#South Korea #oil reserves #gas supply #Middle East crisis #Hormuz Strait