On October 18th, Kang Hoon-sik, the chief of staff to the South Korean president, announced an agreement to urgently purchase crude oil from the United Arab Emirates (UAE), confirming that 18 million barrels would be imported through various supply routes. This proactive measure comes as signs indicate a prolonged conflict between the U.S. and Iran, creating a potential oil supply crisis. The agreement emphasizes South Korea's priority status in receiving oil from the UAE due to its strategic partnerships and ongoing negotiations.

Kang, who had recently returned from an urgent visit to the UAE, highlighted that the Emirati government assured that no other nation would receive oil supplies before South Korea. The plan includes three UAE-flagged ships delivering 6 million barrels and six South Korean ships bringing in 12 million barrels, totaling 18 million barrels, augmented by a previous delivery of 6 million barrels. This total supplies about 8 to 10 days' worth of crude oil based on South Korea's daily consumption levels. Additionally, Kang mentioned that a ship carrying naphtha, a key raw material for petrochemicals, is also on its way to South Korea.

Further strengthening the bilateral oil supply relationship, the two nations agreed to sign a Memorandum of Understanding (MOU) to explore alternative supply routes for crude oil and enhance cooperative measures. In light of these developments, the South Korean Ministry of Trade, Industry and Energy raised the crisis alert level regarding resource security for crude oil from 'Concern' to 'Caution.' The 'Caution' stage indicates an actual threat is present, reflecting the urgency of ensuring stable energy supplies amidst geopolitical instability in the region.