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Industry minister assures stable oil supply despite Straight of Hormuz blockage

Published: 12 Apr. 2026, 16:03 Updated: 12 Apr. 2026, 17:57

YOON SO-YEON
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Industry Minister Kim Jung-kwan answers questions from lawmakers at the National Assembly in western Seoul on April 6. [LIM HYUN-DONG]

Korea will be able to manage crude oil supply for the time being without releasing government stockpiles, according to Industry Minister Kim Jung-kwan, who noted that supply remains relatively stable despite uncertainties stemming from the Iran war.

“When combining secured volumes and corporate inventories, we have secured about 80 percent of the usual import level as of May,” Kim said on Sunday during an appearance on the KBS current affairs program “Sunday Diagnosis" (1999-).

“We will likely be able to get through April and May without releasing stockpiled oil," Kim continued. “During the Russia-Ukraine war, we reached the point of releasing stockpiles, but this time we are unlikely to reach that stage.”

However, Kim took a cautious stance regarding seven oil tankers currently held up in the Strait of Hormuz. Each is carrying around 2 million barrels of oil, estimated at 14 million total.

“We are making efforts, but it is difficult to predict the outcome," Kim said.

The government is also focusing on securing alternative routes to the Strait of Hormuz, possibly looking toward Saudi Arabia’s Yanbu Port on the Red Sea.

“We are reviewing measures such as having the Cheonghae [Military] Unit escort our vessels,” Kim said, adding that the Korean government has also received a word of commitment from Saudi Arabia to prioritize Korean shipments.

Efforts to diversify import sources are also underway.

Cargo ships in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the U.S.-Israeli conflict with Iran, in the United Arab Emirates, March 11. [REUTERS/YONHAP]

“We are pushing to import crude oil from Kazakhstan alongside U.S. crude, and discussions have made significant progress,” Kim said. “We may be able to announce specific volumes early next week.”

Supply of naphtha, a vital input in petrochemical manufacturing, is also gradually recovering. The government has allocated 869.1 billion won ($585.4 million) in the supplementary budget to stabilize the naphtha supply chain.

"[The naphtha supply] is expected to recover to around 80 percent in April and May,” he said. “We are also pushing support measures to compensate companies for import cost differences to stabilize the supply chain.”

Helium gas, essential for semiconductor production, has also been secured through U.S. supplies and is expected to remain stable through the end of June, according to Kim.

"We have made preparations so that no semiconductor factory has to stop running until the end of June," Kim said.

“The core of responding to an energy crisis is conservation and efficiency. We will use this situation as an opportunity to strengthen the supply chain and turn the crisis into an opportunity," added Kim.

Kim had visited Kazakhstan, Saudi Arabia and Oman from Tuesday until Friday along with Kang Hoon-sik, the presidential chief of staff, as a special government envoy.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY JEONG JAE-HONG, YOON SO-YEON [[email protected]]