Lee calls for coordinated response to energy markets during oil reserve visit

▲ President Lee Jae Myung speaks during a meeting with representatives of local petrochemical firms at a strategic oil reserve operated by the state-run Korea National Oil Corp. in Seosan, about 280 kilometers southwest of Seoul, on March 26, 2026. (Yonhap)

▲ President Lee Jae Myung (C, front row) inspects facilities at a strategic oil reserve operated by the state-run Korea National Oil Corp. in Seosan, about 280 kilometers southwest of Seoul, on March 26, 2026. (Yonhap)

Lee-energy markets

Lee calls for coordinated response to energy markets during oil reserve visit

By Kim Eun-jung

SEOUL, March 26 (Yonhap) -- President Lee Jae Myung on Thursday visited a strategic oil reserve and called for close coordination between the government and the private sector to navigate volatile energy markets amid a prolonged Middle East crisis.

Lee toured the storage facility operated by the state-run Korea National Oil Corp. in Seosan, about 280 kilometers southwest of Seoul, alongside representatives from local petrochemical companies, as the government is stepping up efforts secure additional crude supplies and explore alternative energy sources.

The move comes as the Strait of Hormuz, a key global energy trade route, has been effectively closed, with the conflict involving Iran now entering its fourth week, raising concerns over supply disruptions and price volatility.

"It is a difficult situation, not only for us but for the entire world," Lee said. "Depending on how we respond, this could also present an opportunity."

During the meeting with the petrochemical firms, Lee emphasized the need for close coordination between the government and the private sector to navigate volatile energy markets.

"We must secure as much crude oil as possible and reduce consumption to overcome this crisis," he said.

South Korea has secured a pledge from the United Arab Emirates to prioritize crude oil supplies, including 24 million barrels, while also exploring alternative routes to the Strait of Hormuz.

During an emergency economic meeting earlier in the day, Lee called on gas stations to cooperate with the second round of oil price cap set to take effect on Friday, which is reviewed every two weeks after implementation to help stabilize fuel prices.

The finance ministry also announced plans to significantly expand a temporary fuel tax cut to help ease the financial burden on consumers amid the prolonged Middle East conflict.

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