President Lee: "No Need to Worry About Oil Prices... Middle East Oil Dependency Reduced from 70% to 50%"

Reduced Dependence on the Middle East through Oil Envoys and Diversified Import Sources

"Domestic Refined Oil Prices and Supply Stable with Maximum Pricing and Export Control"

"Securing Transport Routes and Tanker Safety amid Prolonged Conflict Risks"

On September 12, President Lee Jae-myung stated that there are no issues with domestic gasoline and diesel prices or supply, despite instability in the Middle East and a surge in international oil prices. He assured, "When it comes to oil prices, there is absolutely no need to worry." He particularly emphasized that, through sending special envoys for oil and diversifying import sources, the nation's oil dependency on the Middle East, which had reached 70%, was reduced to the 50% range within just a few months.

President Lee Jae-myung is speaking at the Senior Presidential Secretaries' meeting held at the Blue House on the 11th. 2026.9.11 Yonhap News Agency

President Lee posted on X (formerly Twitter) that day, saying, "Fellow citizens, please do not worry. The prices of refined oil products such as gasoline and diesel will remain stable."

President Lee identified diversification of the oil supply chain as the key factor for domestic oil price stability. He said, "By strengthening oil diplomacy, such as dispatching oil envoys and diversifying oil import sources, as well as subsidizing long-distance oil transportation costs, we have already reduced the oil dependency on the Middle East from 70% to the 50% range within only a few months. The efforts for import diversification will continue to move forward strongly," he added.

He also addressed the operation of strategic oil reserves in preparation for emergencies. President Lee explained, "By introducing a strategic oil reserves swap system, we are able to maintain stability in oil supply without depleting our strategic reserves."

He introduced government measures to prevent the rise in international oil and refined oil prices from translating directly into domestic prices. President Lee remarked, "While crude oil and international refined oil prices are soaring, domestic refined oil prices and supply levels remain stable without difficulty, thanks to the maximum price system and export volume controls."

He continued, "We are thoroughly blocking market disruptions by completely preventing hoarding and collusion, and by fostering a system of healthy competition such as selecting ‘super ethical gas stations.’ As for the domestic refining industry, while profits from increased international refined oil prices are significant, the government is offsetting losses stemming from domestic price and export volume controls, resulting in an unprecedented boom for the industry."

President Lee underscored, "The Republic of Korea is more than capable of overcoming the current crisis. Moreover, we are turning it into an opportunity."

However, he also expressed caution over the possibility that supply chain uncertainties originating in the Middle East could become prolonged. President Lee stated, "Although our oil dependency on the Middle East now stands at 50%, it is still high, and there is no telling when the war will end, with the oil market sinking deeper into turmoil. We will do our utmost to secure smooth oil transport routes and ensure the safety of oil tankers and crew members."

He concluded, "I want to sincerely thank all citizens who cooperate with and work hard alongside the government for a better future, even in difficult circumstances."

This content was produced with the assistance of AI translation services.