South Korea prepares measures to address prolonged energy crisis

Seoul — South Korean President Lee Jae Myung has emphasised the need for preparedness against a prolonged conflict in the Middle East and contingency measures should oil prices become volatile again.

“We now need to develop measures on the assumption of a prolonged situation, including worst-case scenarios,” Lee said during a government meeting on Tuesday, 17 March.

He stated that if the current dynamics continue, recently stable oil prices could surge again, thereby increasing pressure on the economy and living standards.

Lee instructed South Korean officials to utilise diplomatic channels to ensure stable alternative energy supplies. South Korea has previously taken similar steps by importing additional oil from the United Arab Emirates, he noted.

Lee also called for preparations for a national energy conservation programme that could include restrictions on vehicle use, such as a five or ten-day rotation system.

Authorities may consider implementing export controls and declaring an energy emergency status, including increasing production at nuclear power plants, if necessary.

“As a medium-term measure, we need to shift from a fossil fuel-based energy system to a renewable energy system as soon as possible,” Lee said.

He also highlighted the social risks from a prolonged crisis that could burden vulnerable groups and prompt others to seek unfair gains.

He urged the rapid formulation of supplementary budgets to support vulnerable groups and exporters.