Democratic Party's Middle East Crisis Economic TF: "Utilizing Foreign Oil Reserves Stored Domestically"

The Government Holds Right of First Refusal
Focused Investigation into 2,000 Cases of Hoarding and Collusion

Hong Jung-ae, Chair of the Policy Committee of the Democratic Party of Korea, is speaking at the first meeting of the Middle East Crisis Economic Response Task Force held at the National Assembly Members' Office Building on the 10th. Photo by Kim Hyun-min

Ando Geol, a member of the Democratic Party of Korea and secretary of the Middle East Crisis Economic Response Task Force (TF), told reporters after the first meeting on March 10, 2026, "Foreign refiners currently have 6.86 million barrels of crude oil stored in domestic reserve facilities, and the government has decided to take steps to secure these reserves by exercising its authority to use them as needed."

Regarding the procedures for utilizing the oil stored in domestic reserve facilities, Democratic Party lawmaker Heo Seongmu explained, "It is clearly stated in the initial contract that the government has the right of first refusal." Democratic Party lawmaker Oh Gihyung commented on the timing of utilization, saying, "This will be determined while monitoring the overall flow of supply volumes," and added, "We are reviewing contingency plans A, B, and C."

Measures are also underway to stabilize the supply of crude oil and liquefied natural gas (LNG) by diversifying import sources. Assemblyman Ando said, "We have finalized the import of 6 million barrels of crude oil from the United Arab Emirates (UAE) and decided to secure additional volumes as well." He continued, "There have been requests to support the difference in overseas shipping costs as shipping fees have soared and the costs from regions outside the Middle East are higher," and added, "The government is reviewing these requests."

The government also plans to implement price stabilization measures, including investigating collusion among gas stations and introducing a maximum price system for petroleum products, to stabilize fuel prices and overall inflation. Assemblyman Ando stated, "We have decided to introduce a petroleum price ceiling to fundamentally prevent opportunistic oil price hikes," and noted, "This is an emergency measure being taken for the first time in over 30 years and will be implemented soon."

Assemblyman Ando added, "We have conducted focused investigations into 2,000 cases of (crude oil) hoarding and collusion, and if violations are found, appropriate and severe sanctions will be imposed."

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