In light of rising crude oil prices caused by deteriorating conditions in the Middle East, the South Korean government has announced an expansion of its support for crude oil purchasing funding and emergency operational funds. The Ministry of Economy and Finance held a joint meeting headed by Vice Minister Kang Gi-ryong to assess the status of supply chains related to the Middle East and discuss future countermeasures. Despite the heightened tensions in the Strait of Hormuz, the government has stated that there are no significant disruptions to energy supply and that they have enough reserve oil to cope with potential crises, indicating that the domestic supply is currently limited in terms of the impact from the Middle East situation.

Particularly concerning naphtha, which depends heavily on the Strait of Hormuz for imports, the government acknowledged that if the situation persists, there could be supply concerns, leading to plans for support measures such as shifting export quantities to the domestic market. Furthermore, to alleviate the purchasing burden on companies triggered by fluctuating international oil prices, the government confirmed an increase in funding for crude oil purchasing via the supply chain stabilization fund. This will involve operating an emergency response unit within the Export-Import Bank to bolster the limit of support for purchasing crude oil from non-Middle Eastern regions from 90% to 100%.

The government also plans to take measures to secure volumes from areas outside the Middle East and hinted at the possibility of releasing reserve oil if necessary. Vice Minister Kang emphasized the government's commitment to provide the necessary support to ensure that domestic companies can smoothly secure alternative supplies while maintaining a stable domestic supply chain. This proactive approach highlights the government's focus on energy security amid ongoing global market uncertainties.