On October 16, the South Korean government, in conjunction with the Democratic Party, announced plans to gradually release strategic oil reserves over a three-month period. This decision comes as international oil prices have surged due to the conflict between the US and Israel. During a press briefing, Democratic Party member Ahn Do-gul reported discussions with various ministries, including the Ministry of Economy and Finance and the Financial Services Commission, focusing on stabilizing energy supply, managing oil prices, supporting affected small businesses, and ensuring stability in the foreign financial market.

Ahn shared insights on the current state of oil reserves, stating that as of now, South Korea holds 208 days' worth of crude oil and 9 days' worth of liquefied natural gas (LNG). Although these reserves are deemed relatively low, he assured that sufficient supplies are secured until the end of December. Furthermore, the government plans to release about 22.46 million barrels of oil in coordination with the International Energy Agency (IEA) over the next three months. Ahn indicated that the Ministry of Industry would soon elevate the attention on this matter and make official announcements regarding the release of reserves.

To improve crude oil availability, the Korea National Oil Corporation (KNOC) is also exploring avenues to import crude oil being produced overseas. Ahn mentioned that plans are in place to bring in 3.35 million barrels by June. He emphasized the need for proactive management of LNG supplies due to lower reserve levels, advocating for increased production from coal and nuclear energy to reduce overall energy consumption. Additionally, as part of their strategy, the government is considering designating the Yeosu petrochemical complex as a special area for industrial crisis response, amid rising prices of essential materials like naphtha.