Key facts
- South Korean President Lee Jae Myung reassured the public about oil price stability.
- Global crude prices rose above $100 per barrel due to Middle East tensions.
- Saudi Arabia shut down its East-West pipeline after an aerial attack.
- South Korea's reliance on Middle East oil imports has fallen from 70% to 50%.
- Government measures include price caps, export controls, and strategic oil reserves.
SEOUL, Sept. 12 (Yonhap) -- President Lee Jae Myung reassured South Koreans on Saturday that the government is taking all necessary measures to stabilize oil prices amid a surge in global crude prices caused by escalating tensions in the Middle East. In a post on the social media platform X, Lee highlighted the government's efforts to diversify crude oil imports to reduce the country's reliance on the Middle East, with the region's share of imports falling from about 70 percent to 50 percent. He also cited measures including oil price caps, export controls and a strategic oil reserve swap system. Lee reaffirmed the government's commitment to cracking down on oil hoarding and price collusion, while compensating local refiners for losses stemming from government price stabilization measures. "You don't have to worry about oil prices at all," Lee wrote. The remarks came as disruptions in the Red Sea and the Strait of Hormuz fueled concerns over global energy supplies, pushing oil prices back above US$100 per barrel. Adding to the supply concerns, Saudi Arabia shut down its key oil conduit, the East-West pipeline, after it came under aerial attack amid the widening conflict, raising fears of further increases in energy prices.