Vice Minister Ki Jae: "US-Iran Situation Has No Direct Impact on Domestic Crude Oil Imports"

International Oil Prices Rise Due to US-Iran Tensions... "Limited Economic Impact on Han"
Strategic Oil Released According to Emergency Response Manual

[Asia Economy Reporter Jang Sehee] Kim Yong-beom, First Vice Minister of the Ministry of Economy and Finance, stated on the 7th, "At present, it seems that there will be no direct impact on domestic crude oil imports due to the recent incident."

At the expanded macroeconomic and financial meeting held at the Government Seoul Office on the same day, Vice Minister Kim said, "Although international oil prices are rising due to tensions between the United States and Iran, the impact on our economy remains limited."

He added, "In the future, volatility in financial markets and international oil prices may increase depending on developments in the Middle East and the US-Iran conflict, but there is no need to have excessive anxiety."

He also noted, "Even during last year's unrest related to the attack on Saudi oil facilities and other Middle East issues, our financial markets experienced only short-term and limited effects, demonstrating strong resilience."

He emphasized, "We will closely monitor the financial and foreign exchange markets and re-examine stabilization measures for each situation. If market volatility expands, we will respond swiftly and decisively according to the contingency plan."

Furthermore, he expressed, "If resolving the crisis proves difficult, the government will also consider emergency response measures such as releasing strategic reserves in accordance with the pre-established emergency response manual."

Additionally, he stated, "The government will thoroughly devote itself to managing internal and external risks and securing momentum for economic recovery with a preparedness mindset (Yubi Muhwan, 有備無患)."

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