Amid rising international oil prices driven by the conflict between the US, Israel, and Iran, the South Korean government and the ruling Democratic Party are set to implement a plan for the gradual release of national oil reserves over the next three months. This initiative aims to alleviate economic and industrial shocks stemming from the crisis in the Middle East. Additionally, the government plans to prepare a supplementary budget proposal by the end of March, which will be submitted to the National Assembly for approval. The move illustrates the government's proactive approach to managing the economic fallout from global tensions.

Kim Ando-geol, a lawmaker and coordinator of the Democratic Party's Task Force on Economic Response to the Middle East Crisis, announced that the Ministry of Trade, Industry and Energy would upgrade the situation management from 'concern' to 'caution', subsequently revealing the oil reserve release plan. The Ministry will consider both government and private stockpiles before making any decisions on the release. Current oil stocks are sufficient for 208 days, while liquefied natural gas (LNG) reserves can last for about 9 days. The plan involves releasing approximately 22.46 million barrels of oil gradually in agreement with the International Energy Agency (IEA).

In response to the limited supply of LNG, the government will also expand coal and nuclear power generation. The Ministry announced the lifting of production caps on coal power plants and plans to raise nuclear plant operation rates from the mid-60% range to nearly 80%. Additionally, measures to secure naphtha, a key raw material for the petrochemical industry, are underway. These provisions correspond to shortages and surging prices caused by disruptions in supply from the Middle East. The government is also considering designating petrochemical industrial complexes as 'special response areas for industrial crises' to further support affected industries and small businesses.