Korea seeks crude oil, naphtha amid Middle East tensions

Apr 07, 2026, 03:16 pm

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Chief of Staff Kang Hoon-sik holds a press briefing on the Middle East situation / Yonhap News

Kang Hoon-sik, Chief of Staff to the President, is set to visit Kazakhstan, Oman, and Saudi Arabia as a special presidential envoy for strategic economic cooperation, in response to worsening conditions in the Middle East affecting energy supply.

Speaking at a press briefing on April 7, Kang said he would depart that evening to hold talks aimed at securing additional supplies of crude oil and naphtha.

According to the presidential office, officials from relevant ministries—including the Ministry of Trade, Industry and Energy—as well as energy companies will join the trip to conduct practical purchase negotiations and strengthen supply chains. Kang emphasized that “high-level talks will not remain symbolic,” adding that the government will work closely with companies and provide full support until oil shipments safely arrive in Korea.

While noting that exports reached a record $86.1 billion in March and consumption indicators are on the rise, Kang warned of heavy reliance on the Strait of Hormuz, which accounts for 61% of crude oil imports and 54% of naphtha imports. “Securing alternative supply sources is urgently needed,” he said.

The government also plans to stabilize supplies of essential goods, including pharmaceuticals and industrial raw materials. Priority will be given to supplying naphtha and plastic resins needed for medical products such as IV fluids and syringes. Authorities will also respond to market disruptions, including hoarding, through reporting centers and administrative guidance.

In addition, officials are monitoring supply and price trends of key items—such as urea solution, paint, and waste disposal bags—using a “traffic light system.” If abnormal signs are detected, countermeasures including securing alternative supply sources and easing regulations will be implemented.

Kang added that on-site inspections are being carried out through meetings with businesses and visits to distribution sites to ensure policies are effectively executed.

He urged the public to “trust the government and continue normal economic activities,” while also calling for active participation in energy conservation. He also warned that the spread of fake or manipulated information constitutes a serious crime and will be dealt with strictly if violations occur.

#Kang Hoon-sik #Saudi Arabia #Oman #Kazakhstan #crude oil