Korea National Oil Corporation Activates 'Oil Crisis Response' in Preparation for Middle East War Escalation

Korea National Oil Corporation (President Kim Dong-seop) is on high alert as it activates emergency measures to respond to an oil crisis in preparation for the escalation of the Middle East war.

On the 16th, the Oil Corporation announced that on the afternoon of the 15th, it held a meeting at its Ulsan headquarters to review the oil market trends at home and abroad following Iran's airstrike on Israel, and to ensure a smooth response in case of an oil supply crisis by inspecting the Oil Crisis Response Task Force.

The average international oil price in April rose by 6% (USD 5.13 per barrel) compared to the March average due to the possibility of a conflict between Iran and Israel, and the oil supply instability increased following Iran's airstrike on Israel on the 13th. The Corporation reviewed scenario-based response plans such as releasing strategic reserves for stable domestic oil supply during emergencies and importing crude oil from overseas production.

Kim Dong-seop, President of the Oil Corporation, said, “Concerns about disruptions in oil supply are expected to continue due to instability in the Middle East situation, including the possibility of Israel's counterattack. The Corporation must strengthen monitoring of domestic and international oil markets and flawlessly implement market stabilization measures such as releasing reserves in emergencies to maintain national energy security.”

Since Hamas attacked Israel in October last year, the Oil Corporation has been operating its own Oil Crisis Response Task Force composed of five teams, including the ‘Monitoring Team,’ ‘Strategic Reserves Team,’ and ‘Overseas Crude Oil Import Team.’

In addition, to prepare for any possible future incidents, the Corporation plans to strengthen its response posture by regularly conducting readiness checks for reserve oil release and facility safety inspections at nine nationwide storage bases, and closely cooperating with the government.

Dongseop Kim (fourth from the left), President of Korea National Oil Corporation, is presiding over a meeting to review the response to the oil crisis.

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