South Korea conducts emergency review of oil, gas supplies amid Mideast tensions

IANS June 13, 2025 636 views

South Korea swiftly reviewed its oil and gas supplies after Israel’s strikes on Iran triggered global price surges. Officials confirmed stable reserves and undisrupted shipments despite market volatility. The government pledged proactive measures to shield the economy from energy price shocks. Export safeguards are also being prepared as tensions threaten regional trade flows.

"Given South Korea’s high dependence on oil and gas imports from the Middle East, developments in the region are closely tied to our energy security" — Yoon Chang-hyun, Industry Ministry
Seoul, June 13: The government conducted an emergency review of the country's oil and gas supplies on Friday amid escalating tensions in the Middle East following Israel's strike on Iran, the industry ministry said, adding the country faces no immediate problem.

Key Points

1

Emergency meeting held with energy firms amid price surge

2

Oil reserves stable, supply chains operational

3

Brent crude jumps 7.2% post-Israel strikes

4

Measures planned to protect exports to Middle East

The Ministry of Trade, Industry and Energy held the meeting with officials from state-run energy companies, including the Korea National Oil Corp. and the Korea Gas Corp., as well as industry experts, to discuss its response strategy to the soaring international energy prices caused by heightened tensions in the Middle East, reports Yonhap news agency.

Global oil prices had surged 10.7 percent to $76.80 per barrel as of noon, according to the ministry, after Israeli officials said the country has carried our waves of airstrikes against Iran.

The ministry said it has checked the current status of the country's oil and gas reserves and confirmed all oil tankers and liquefied natural gas carriers transporting energy to Korea were operating without any disruption.

"Given South Korea's high dependence on oil and gas imports from the Middle East, developments in the region are closely tied to our energy security," said Yoon Chang-hyun, director general for resources industry policy at the ministry.

"We will closely monitor the impact of the recent (Israeli) airstrikes on the domestic supply and prices of oil and gas, and respond swiftly to minimise the burden on the national economy," he added.

The industry ministry also held a meeting with trade agencies to devise measures to minimise the impact of the Middle Eastern situation on South Korea's exports to the region, such as liquidity support and the temporary deployment of substitute vessels, the report said.

Brent crude jumped 7.2 per cent amid fears of supply disruptions. Israel said it struck Iranian nuclear targets to block Tehran from developing atomic weapons, prompting retaliation from Iran, which launched 100 drones.

—IANS

Reader Comments

Here are 6 diverse Indian perspective comments on the South Korea oil/gas supply review article:
R
Rahul K.
This shows how interconnected global energy markets are. India should also review our strategic reserves - we import over 80% of our oil needs. When Middle East tensions rise, petrol prices here shoot up within weeks. Government should accelerate renewable energy plans.
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Priya M.
South Korea being proactive is good, but why are we always reactive? Remember when Russia-Ukraine war started and fuel prices went crazy? We need better planning. Maybe learn from Korea's emergency response system. 🇮🇳
A
Arjun S.
Global oil price shocks affect everything from vegetables to flights. Hope our government is monitoring this closely. Middle East stability is crucial for Indian economy too - we have millions working there sending remittances.
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Sneha R.
While Korea's response is impressive, we must remember they're a manufacturing powerhouse. For India, fuel prices directly hit common people's pockets. Our priority should be protecting middle-class families from price shocks, not just industries.
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Vikram J.
This is why India's push for ethanol blending and electric vehicles makes sense. We can't keep depending on unstable regions for energy. Time to go vocal for local in energy sector too! 🚗⚡
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Neha T.
Interesting to see how different countries react. Korea focuses on industry impacts while in India we'd be worried about political fallout if petrol crosses ₹100/liter again. Different priorities but same vulnerability to global oil markets.

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Tags:
South Korea oil supply Middle East tensions Israel Iran conflict energy security Korea Gas Corp