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 Confl

President Lee Jae-myung stated on September 12 that, despite instability in the Middle East and a sharp rise in international oil prices, there are no issues with domestic gasoline and diesel prices or supply, assuring the public that "there is absolutely no need to worry when it comes to oil prices." He stressed that, through dispatching special envoys for oil diplomacy and diversifying import sources, the share of crude oil imported from the Middle East—which once reached 70%—has been reduced to the 50% range within 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 a message on his X (formerly Twitter) on this day, stating, "Fellow citizens, please do not worry. The prices of refined oil products such as gasoline and diesel will remain stable," delivering this message of reassurance.

President Lee identified the diversification of crude oil supply chains as the core reason for domestic oil price stability. He explained, "By strengthening oil diplomacy such as dispatching special envoys and diversifying crude oil import sources, as well as providing subsidies for long-distance oil transportation, we have already lowered our crude oil dependency on the Middle East from 70% to the 50% range within just a few months." He added, "We will continue to push strongly for further import diversification in the future."

He also mentioned measures for operating the strategic petroleum reserves in preparation for emergency situations. President Lee explained, "By introducing the strategic reserve swap system, we are maintaining stable crude oil supplies without depleting our strategic reserves."

President Lee introduced government measures aimed at preventing increases in international crude oil and refined oil prices from directly translating into higher domestic prices. He stated, "Although crude oil and international refined oil prices are surging, domestic refined oil prices and supply volumes are being stably maintained through price caps and controls on export volumes, without any undue difficulties."

He went on to say, "We are thoroughly blocking market disruption by completely preventing hoarding and collusive practices, and by designating 'exceptionally fair gas stations' to maintain a fair competition system." Regarding domestic refiners, President Lee explained that they are now enjoying unprecedented prosperity, as their gains from rising international refined oil prices are substantial, while any losses from domestic price and export volume controls are being compensated by the government.

President Lee emphasized, "The Republic of Korea is fully capable of overcoming the current crisis. In fact, we are even turning this situation into an opportunity."

However, he warned of the possibility that uncertainties in crude oil supply chains stemming from the Middle East could be prolonged. President Lee stated, "Crude oil dependency on the Middle East is still high at 50%, and while it is unclear when the war will end, the oil market is plunging into chaos." He added, "We will do our utmost to secure smooth oil shipping routes and guarantee the safety of oil tankers and crews."

He concluded by saying, "I am grateful to all citizens who continue to cooperate with national policies and strive together for a better future, even under such challenging circumstances."

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