Chief of Staff Kang Hoon-sik: "May Crude Oil Imports at 87% of Last Year... No Need for Concern"

Chief of Staff Kang Hoon-sik stated on April 24 that regarding crude oil supply, "For the month of May, we have secured 74.62 million barrels, which is 87% of last year's monthly average import volume, so there is little need to be greatly concerned about supply disruptions."

During a briefing at the Chunchugwan press center that afternoon, Kang said, "We are making every effort to secure alternative crude oil supplies." He added, "By securing additional volumes from the Americas and Africa, we have reduced our dependence on Middle Eastern oil from 69% to 56%, a 13 percentage-point decrease. In addition to diversifying our import countries, we are also diversifying the shipping routes used by oil tankers."

Kang Hoon-sik, Chief of Staff to the President, is briefing on the emergency economic situation at the Blue House press conference room on April 24, 2026. Photo by Yonhap News

Kang also commented, "We are aware that, in the field, there are still concerns about supply instability for naphtha and for plastics and plastic bags produced from processed naphtha." He elaborated, "The government is not only monitoring the current supply situation, but is also predicting conditions one and three months ahead and is proactively preparing the necessary measures accordingly."

He emphasized, "The government will mobilize all available administrative resources to ensure that companies can operate normally without worrying about raw material supplies, and that the public can maintain their daily lives."

Additionally, Kang analyzed, "Even amid the uncertainty created by the Middle East war, the South Korean economy remains resilient and continues to move forward. Reflecting this trend, many international investment banks have significantly raised their economic growth forecasts for Korea this year."

However, he noted, "Of course, we cannot let our guard down just yet. The impact of the Middle East war on consumer prices may be only beginning. Rising prices weaken the purchasing power of ordinary citizens and hinder the recovery of the domestic economy."

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