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Gov't considers buying over 6 million barrels of crude oil from foreign refiners in Korea

Published: 10 Mar. 2026, 15:03 Updated: 10 Mar. 2026, 15:08

A fuel price information board stands at a gas station in Seongbuk District, central Seoul, on March 10. [NEWS1]

The Democratic Party (DP) and the government are considering exercising priority purchase rights to secure over 6 million barrels of crude oil from foreign refiners stored in Korea, officials said on Tuesday, amid the widening conflict in the Middle East.

DP lawmakers and government officials reviewed the plan during an inaugural meeting of a task force launched earlier in the day to assess the economic impact from heightened tensions in the region and discuss response measures.

“Korea can exercise priority purchase rights over crude oil jointly stockpiled by foreign companies in the country at market prices,” Rep. Oh Gi-hyoung said during a briefing.

The plan will allow Seoul to secure 6.86 million barrels of crude oil that are stored at domestic facilities and owned by foreign refiners.

The officials also discussed ways to diversify imports of crude oil and liquefied natural gas to regions beyond the Middle East while exploring ways to supply crude oil via alternative routes without passing through the Strait of Hormuz, which has been effectively shut down due to the conflict.

A joint government inspection will be launched to crack down on price collusion or other illegal activities, according to Rep. Oh.

“We will focus on inspecting around 200 gas stations and swiftly take necessary measures after announcing the results,” he said.

The government has announced plans to implement a capping system on local fuel prices as the U.S.-led war with Iran has intensified in the Middle East.

Yonhap