The ruling and opposition parties gathered on the 16th to devise ways to overcome the crisis caused by the prolonged Middle East war and to cooperate. The parties agreed to cooperate on institutional improvements to expand strategic oil reserves and diversify crude oil import sources.
The Democratic Party of Korea and the People Power Party held an emergency review meeting at the National Assembly on the 16th to respond to and overcome the Middle East situation. The meeting was attended by the Democratic Party of Korea and People Power Party floor leadership, the Ministry of Economy and Finance, the Ministry of Foreign Affairs, and the Office for Government Policy Coordination, among others.
Han Byung-do, the Democratic Party of Korea floor leader, said, "This is the first time that the ruling and opposition floor leadership have gathered to receive a direct briefing from the government on pending issues and jointly review the response," adding, "It reflects a practical intention to recognize the current crisis as a shared responsibility of state affairs by both parties and to answer with people's livelihoods rather than political strife."
He added, "We will not end with today's meeting alone; the floor leaders of the two parties agreed to meet regularly every Monday."
Song Eon-seog, the People Power Party floor leader, also said, "I am very pleased that, amid concerns that the economic crisis will persist due to the prolonged Middle East war, the ruling and opposition parties and the government have gathered to urgently review the response."
However, Floor Leader Song criticized the government and the ruling party, saying, "There are indications that our economy is entering a stagflation (a period of persistent inflation during an economic downturn) phase, but the government is diagnosing the crisis only as a recession and is thus clinging solely to a populist 'cash handout' supplementary budget prescription." Song called for measures to address the side effects of the supplementary budget, exchange rate stabilization measures, a review of the oil price ceiling system, and a review of the odd-even day driving system.
That day, the parties also received briefings from Yoon Chang-ryeol, Minister of the Office for Government Policy Coordination; Cho Hyun, Minister of the Ministry of Foreign Affairs; Lee Hyung-il, Vice Minister of the Ministry of Economy and Finance; and Moon Shin-hak, Vice Minister of the Ministry of Trade, Industry and Energy, on the status and future plans regarding crude oil supply chains, the safety of overseas Koreans, the bond market, and domestic industry and economic responses in light of the Middle East situation.
Moon Geum-ju, the Democratic Party floor spokesperson, said after the meeting, "While checking the crude oil supply and demand situation, the two parties also agreed on the need to lay an institutional foundation for expanding strategic oil reserves and diversifying crude oil import sources, including non-Middle Eastern crude, and decided to cooperate on related matters."
In addition, "We exchanged views with the Minister of the Ministry of Foreign Affairs on the outlook for the future course of the war, and to ease instability in the refining industry, the parties agreed to work in a bipartisan manner, including by having the government proactively disclose relevant information," it said.
Kwak Kyu-taek, the People Power Party floor spokesperson, also said, "Floor Leader Song asked the Vice Minister of the Ministry of Trade, Industry and Energy whether the strategic oil reserves can adequately meet refiner demand and inquired about government measures for expanding reserves and diversifying import sources," adding, "The government explained related response plans."