As the war among the United States, Israel, and Iran spreads across the Middle East, raising fears of a surge in oil prices, the government decided to urgently import more than 6 million barrels of crude oil from the United Arab Emirates (UAE). Kang Hoon-sik, presidential chief of staff, said at a Cheong Wa Dae briefing on the 6th, "On President Lee Jae-myung's instruction, we discussed crude oil import plans with Khaldoon, the UAE administrative chief, and the emergency import of a total of more than 6 million barrels of crude oil has been finalized."
The Strait of Hormuz has been completely sealed off as of the 1st. Iran, in deciding the blockade, said it would not allow passage through the strait by ships belonging to the United States, Israel, European countries, or their allies. Numerous oil tankers and cargo ships are waiting without being able to pass through the strait, and Korean vessels and crews are also stuck. As 70% of crude oil imported into Korea passes through here, the government issued the "resource security crisis alert" attention level at 3 p.m. the previous day.
Kang said, "We will have two Korean oil tankers of about 2 million barrels each immediately berth at alternative ports within the UAE that do not require passage through the Strait of Hormuz, and plan to fill about 4 million barrels of crude oil stored by the UAE state oil company in the port so they can return as quickly as possible." He added that crude oil imports through other alternative ports would also be steadily expanded.
In particular, regarding the 2 million barrels of "joint stockpiled volume" the UAE is holding for Korea, Kang said, "We received a promise from the UAE that it can be provided at any time if we want." The move was reportedly arranged through Kang's direct consultations with Khaldoon Khalifa Al Mubarak, the UAE administrative chief who is Kang's "counterpart" and the official in charge of Korea. The two had coordinated as negotiating partners multiple times during previous defense industry cooperation.
According to Cheong Wa Dae, 6 million barrels of crude oil is about twice Korea's daily consumption. Kang said, "This emergency import will help stabilize energy supply and demand, as well as recently overheated oil prices," adding, "Just as our air defense system Cheongung protects the UAE's security, the UAE's crude oil contributes to Korea's energy security."
◇Resumption of flights from the UAE, arriving in Incheon this evening
Flights for Koreans staying in the Middle East to return home will also resume. Kang said, "Late last night, the resumption of commercial flights departing the UAE was finalized." He said a large UAE passenger jet carrying our citizens would depart Dubai and land at Incheon International Airport at about 7:30 p.m. today. Kang said, "We will also deploy a Korean Air Lines charter flight to bring all our citizens home as quickly as possible, and will continue consultations with the UAE."