Trade, Industry and Resources Minister Kim Jung-kwan attends a press conference at the government complex in Sejong, central South Korea. Photo by YONHAP / EPA
April 16 (Asia Today) — South Korea will begin receiving 27 million barrels of alternative crude oil in June, part of a broader effort to stabilize energy supplies and diversify import sources amid disruptions linked to conflict in the Middle East.
The Ministry of Trade, Industry and Energy said the shipments are part of crude secured by a presidential envoy team, with additional policy measures being introduced to support refiners facing supply uncertainty.
A senior ministry official said the envoy team secured about 223 million barrels of alternative crude, excluding 50 million barrels previously allocated from Saudi Arabia. Of that, 27 million barrels are scheduled for shipment beginning in June.
The earlier 50 million barrels are expected to be shipped in April and May through the Red Sea port of Yanbu, with confirmation from Saudi Aramco that deliveries will proceed as planned, the ministry said.
South Korean refiners had faced disruptions despite existing contracts, as shipments were affected by instability and constraints linked to the Strait of Hormuz, a key global oil transit route.
The envoy delegation has secured a total of about 273 million barrels of crude from countries including Kazakhstan and Saudi Arabia. Of that, roughly 250 million barrels from Saudi Arabia – which accounts for about one-third of South Korea’s crude imports – are expected to be delivered by the end of the year.
Officials said the government has already secured about 118 million barrels for April and May combined, indicating no immediate risk to domestic supply. Remaining volumes are expected to be shipped sequentially through the end of the year.
In parallel, the government is introducing measures to help refiners diversify import sources. For crude imported between April and June, authorities will ease requirements for refunds of the petroleum import levy and temporarily expand refund limits.
The ministry said it simplified freight cost calculations using an international benchmark index and removed restrictions on shipment volume, duration and frequency. It also temporarily lifted caps on freight cost compensation for diversified imports to expand financial support.
The program is backed by about 127.5 billion won (approximately $95 million) in funding, based on estimated demand from domestic refiners.
Officials said broader reforms may be considered if the situation persists.
The ministry also pushed back against claims that fuel consumption has increased following the introduction of a price cap. Data showed that weekly gasoline and diesel sales fell in five of seven weeks from late February to mid-April compared to the same period last year.
From mid-March to mid-April, after the price cap took effect, total fuel sales declined 12.4% year-over-year, the ministry said, urging observers to focus on overall trends rather than short-term fluctuations.
A fuel tank truck enters a tunnel in the city of Goyang, northwest of Seoul, in this file photo taken March 5, 2026. Photo by Yonhap
South Korea has secured an additional 60 million barrels of alternative oil supplies for May that will replace supplies from the Middle East that have been blocked due to the effective closure of the Strait of Hormuz, the government said Tuesday.
The country has secured a total of 110 million barrels of oil — 50 million for April and 60 million for May — so far from 17 countries, including Saudi Arabia, the United States, the United Arab Emirates, Brazil and Canada, Yang Ghi-wuk, deputy minister for trade, industry and resource security, said in a regular press briefing.
The amount secured for this month and May each represents about 60 percent and 70 percent, respectively, of monthly oil supplies to South Korea when things run as usual, he added.
Regarding the oil swap system introduced last week, Yang said the country’s major four refiners have submitted plans to borrow more than 30 million barrels under the program, with around 8 million barrels to be delivered this week.
Under the oil swap system, South Korean refiners can borrow crude oil from the national reserve and return the same volume once shipments of their crude supplies secured abroad arrive.
“Refiners have expressed interest in the oil swap system and are willing to utilize it,” he said.
Touching on naphtha, a crucial raw material in petrochemical manufacturing, Yang said he expects imports for the raw material to reach 770,000 tons this month, which will be equivalent to some 70 percent of the amount imported during the same month last year.
Also, the aggregate naphtha supply is projected to reach around 80 to 90 percent of the amount needed for the month on a normal basis when adding around 1.1 million tons of the material produced within the country, Yang added.
“We plan to work with companies to make efforts in securing naphtha supplies once the supplementary budget passes and the extra budget is allocated,” he said.
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Attacks on multiple commercial ships in the waters around Iran on Wednesday increased global energy concerns, pushed nations to unleash strategic oil reserves and sparked fresh critiques of the Trump administration’s readiness for a war it started.
As Trump administration and U.S. military officials continued to claim increasing success and advantage in the conflict — and authorities downplayed a reported threat of drone attacks on California — leaders around the world scrambled to respond to the latest attacks and the International Energy Agency’s call for the largest ever release of strategic oil reserves by its members to help stem energy price spikes.
President Trump also faced renewed questions about a deadly strike on an Iranian elementary school at the start of the war, after the New York Times reported Wednesday that a military investigation had determined the U.S. was responsible.
“I don’t know about it,” Trump said when asked about the report.
In an address Wednesday morning, IEA Executive Director Fatih Birol said energy shipments through the Strait of Hormuz had “all but stopped” amid the conflict, driving massive global competition for oil and gas in wealthier countries and fuel rationing in poorer nations.
He said the IEA’s 32 member nations have brought a “sense of urgency and solidarity” to recent discussions on the matter, and had unanimously agreed to “launch the largest ever release of emergency oil stocks in our agency’s history,” making 400 million barrels of oil available.
However, he said the most needed change is the “resumption of traffic through the Strait of Hormuz.”
A vendor pumps petrol from Iranian fuel oil tankers for resale near the Bashmakh border crossing between Iraq and Iran.
(Ozan Kose / AFP/Getty Images)
Several countries, including Germany, Austria and Japan, had already confirmed their plans to release reserves.
The White House did not immediately respond to a request for comment on any U.S. plans to release its strategic reserves, or how much would be released. The U.S. is an IEA member.
Trump told reporters Wednesday that the U.S. has hit Iran “harder than virtually any country in history has been hit,” including by wiping out its naval fleet and eliminating other vessels capable of laying mines, and that he believes oil companies should resume shipments through the strait despite the recent attacks.
U.S. Interior Secretary Doug Burgum backed the idea of releasing oil reserves in a Fox News interview.
“Certainly these are the kinds of moments that these reserves are used for, because what we have here is not a shortage of energy in the world; we’ve got a transit problem, which is temporary,” Burgum said. “When you have a temporary transit problem that we’re resolving militarily and diplomatically — which we can resolve and will resolve — this is the perfect time to think about releasing some of those, to take some pressure off of the global price.”
Burgum said that while Iran is “holding the entire world hostage economically by threatening to close the strait,” Trump has made the consequences of such actions “very clear,” and “there’s a lot of options between ourselves and our allies in the region, including our Arab friends in the region, to make sure that those straits keep open and that energy keeps flowing for the global economy.”
The IEA did not provide details as to the release of the 400 million barrels, part of a broader reserve of some 1.2 billion barrels held by its members. It said the reserves “will be made available to the market over a time frame that is appropriate to the national circumstances of each Member country and will be supplemented by additional emergency measures by some countries.”
The agency said an average of 20 million barrels of crude oil and oil products transited the strait per day in 2025, and that options for bypassing the strait are “limited.”
While some tankers believed linked to Iran were still getting through the Strait of Hormuz, which under normal circumstances carries about 20% of the world’s oil and natural gas, Iranian officials threatened attacks on other vessels — saying they would not allow “even a single liter of oil” tied to the U.S., Israel or their allies through the channel, which connects to the Persian Gulf.
Trump has repeatedly claimed that the U.S. and its powerful Navy would support commercial vessels and ensure the strait remains open to oil shipments, but that has not been the case.
Tankers wait off the Mediterranean coast of southern France on Wednesday.
(Thibaud Moritz / AFP/Getty Images)
The United Kingdom Maritime Trade Operations center, run by the British military, reported at least three ships struck in the region Wednesday — including ships off the United Arab Emirates and a cargo ship that was struck by a projectile in the strait just north of Oman, setting it ablaze.
The Trump administration and the U.S. military, meanwhile, have been pushing out messaging about wiping out Iran’s ability to plant mines in the strait — posting dramatic videos of major strikes on tiny boats on small docks.
Adm. Brad Cooper, the leader of U.S. Central Command, said in a video posted to X on Wednesday morning that “in short, U.S. forces continue delivering devastating combat power against the Iranian regime.”
“I’ve said this before, but it bears repeating: U.S. combat power is building, Iranian combat power is declining,” he said.
The U.S. has struck more than 60 Iranian ships, and just “took out the last of four Soleimani-class warships,” he said. “That’s an entire class of Iranian ships now out of the fight.”
Cooper said Iranian ballistic missile and drone attacks have “dropped drastically” since the start of the war, though “it’s worth pointing out that Iranian forces continue to target innocent civilians in gulf countries, while hiding behind their own people as they launch attacks from highly populated cities in Iran.”
He also addressed the attacks on commercial shipping in the region directly, saying that “for years, the Iranian regime has threatened commercial shipping and U.S. forces in international waters,” and that the U.S. military’s “mission is to end their ability to project power and harass shipping in the Strait of Hormuz.”
Other U.S. leaders called the U.S. war plan — and specifically its approach to protecting the Strait of Hormuz — into question.
In a series of posts to X late Tuesday, which he said followed a two-hour classified briefing on the war, Sen. Chris Murphy (D-Conn.) slammed the administration’s plans as “incoherent and incomplete.”
Murphy wrote that the administration’s goals for the war seemed to be focused primarily on “destroying lots of missiles and boats and drone factories,” and without a clear plan for what to do when Iran — still led by “a hardline regime” — begins rebuilding that infrastructure, other than to continue bombing them. “Which is, of course, endless war,” he wrote.
Murphy also specifically criticized the administration’s plan for the Strait of Hormuz — which he said simply doesn’t exist.
“And on the Strait of Hormuz, they had NO PLAN,” he wrote. “I can’t go into more detail about how Iran gums up the Strait, but suffice it [to] say, right now, they don’t know how to get it safely back open. Which is unforgiveable, because this part of the disaster was 100% foreseeable.”
Ships in the strait remained under threat of various forms of attack Wednesday, as did much of the region as the war raged on.
There was an attack on a U.S. Embassy operations center at Baghdad’s airport, which officials attributed to a drone launched by Iranian proxies based in Iraq. No casualties were reported.
Lebanon’s Health Ministry reported the death toll there — from fighting between Israel and Iranian-backed Hezbollah fighters — had risen to 634 since last week, including 91 children. Another 1,500 people had been wounded, the ministry said.
Iranian authorities have said U.S. and Israeli attacks have killed 1,255 people since Feb. 28. That includes many Iranian leaders, including then-Supreme Leader Ayatollah Ali Khamenei. U.S. officials have said Iranian attacks in the region have killed seven U.S. service members, with another 140 wounded.
CBS News reported Wednesday that dozens of those injuries were sustained by service members in the March 1 Iranian drone attack on a tactical operations center in Kuwait — which is also where six of the seven deaths occurred.
The outlet reported that the attack was more severe than the Trump administration has revealed, with more than 30 military members still in hospitals Tuesday with a range of battle injuries including “brain trauma, shrapnel wounds and burns.”
Threats extended beyond the Middle East, too — including to California, where law enforcement agencies were warned by federal authorities that Iran “allegedly aspired to conduct a surprise attack” on California using drones launched from a vessel off the U.S. coast.
However, sources told The Times that advisory was cautionary and not backed by credible intelligence.
Times staff writer Gavin J. Quinton, in Washington, D.C., contributed to this report.
The executive director of the International Energy Agency Fatih Birol said he is glad to see IEA’s 32 member countries unanimously agree to release 400 million barrels of oil from its emergency stockpile.. File Photo by Ole Berg-Rusten/EPA-EFE
March 11 (UPI) — The International Energy Agency agreed to take emergency action and release 400 million barrels of oil into the market, the coalition announced Wednesday.
The 32 members of the IEA unanimously agreed to tap into their emergency reserves in response to the strain on the oil market from the war in Iran.
“The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA member countries have responded with an emergency collective action of unprecedented size,” Fatih Birol, IEA executive director, said in a statement.
“Oil markets are global so the response to major disruptions needs to be global too. Energy security is the founding mandate of the IEA, and I am pleased that IEA members are showing strong solidarity in taking decisive action together.”
The IEA said oil will be released to the market “over a timeframe that is appropriate to the national circumstances of each member country.”
The release of emergency reserves is the sixth in the coalition’s history since being founded in 1974.
Japanese Prime Minister Sanae Takaichi said Wednesday that Japan plans to begin releasing oil from its stockpile possibly next week. Japan is an IEA member.
Oil prices soared after the United States and Israel launched military operations against Iran. Iran has threatened vessels traveling through the Strait of Hormuz, a critical route in the oil trade, in response.
About 25% of the world’s seaborne oil is transported through the Strait of Hormuz.
The IEA has an emergency stockpile of more than 1.2 billion barrels of oil, There are 600 million additional barrels obligated by member governments.
Sen. Markwayne Mullin, R-Okla., speaks to the press outside the U.S. Capitol on Thursday. Earlier today, President Donald Trump announced Mullin would replace Kristi Noem as Secretary of the Department of Homeland Security. Photo by Bonnie Cash/UPI | License Photo
