As fears of an impending oil supply crisis in April escalate, prompted by the prolonged blockade of the Hormuz Strait by Iran, the South Korean government has announced plans to release its oil reserves in mid-April and secure alternative supplies. Yang Gi-wook, the head of the Ministry of Trade, Industry, and Energy’s resource security office, stated that while the amount of crude oil expected in April may be lower than usual, ongoing alternative supplies and the planned reserve release indicate that there will be no significant issues with overall supply. This rapid response comes amid rising concerns about energy shortages in April.

South Korea has previously agreed with the International Energy Agency (IEA) to gradually release 22.46 million barrels of oil reserves over the next three months. Yang also noted that among the 24 million barrels to be imported from the United Arab Emirates (UAE), 4 million barrels are set to arrive by the end of March, with the remaining shipments beginning in early to mid-April. The government's proactive measures aim to mitigate the increasing prices and supply worries tied to naphtha, a crucial fuel for the petrochemical industry, particularly since half of South Korea’s naphtha imports rely on the Middle East.

The government is also addressing the surging prices of naphtha, derived from ethylene, which is vital for various industries including plastics and synthetic fibers, amidst a backdrop of rising tensions in the Middle East. Yang assured that the issuance of emergency supply adjustment orders, along with the release of reserves in April, would adequately address potential supply disruption scenarios and can delay any operational issues decisively until late April or May. Furthermore, the government is exploring the possibility of importing Russian crude oil and naphtha, following a recent temporary easing of sanctions by the United States, allowing for shipments of previously loaded Russian oil up to April 11.