President Lee Urges Energy Saving as Middle East Conflict Drags On

Why It Matters

South Korea’s reliance on imported oil makes the Middle East conflict a direct threat to its energy security and fiscal stability, prompting immediate conservation measures and policy reassessments.

Key Takeaways

• President Lee calls for nationwide energy‑saving measures amid Middle East war
• South Korea prepares emergency response framework for potential supply disruptions
• Government aims to keep electricity tariffs unchanged despite rising costs
• Maintaining rates could widen fiscal deficits if oil prices stay high
• Securing additional crude imports and cutting demand are top priorities

Summary

President Yoon Suk‑yeol (referred to as President Lee in the briefing) warned South Koreans to curb electricity use as the protracted Middle East conflict threatens global oil supplies. The administration highlighted that the region’s instability could quickly translate into domestic energy shortages, prompting an urgent shift to an emergency economic response system.

In the address, officials outlined a three‑pronged strategy: preserve existing electricity tariffs to shield consumers, bolster state‑controlled oil procurement, and launch a coordinated demand‑reduction campaign across industry and households. The government emphasized its willingness to assume full fiscal responsibility, even as the cost of maintaining flat rates threatens to deepen the energy‑related deficit.

“the government will take 100 % responsibility,” the president asserted, adding that “we must secure more crude and cut consumption to navigate this crisis.” He also noted that any deviation from the current tariff policy could exacerbate the budget shortfall, underscoring the delicate balance between price stability and fiscal health.

The pronouncement signals heightened vigilance over energy security and foreshadows possible policy tweaks, such as targeted subsidies or stricter efficiency standards. Companies and consumers alike will need to adapt to potential supply constraints, while the fiscal outlook may pressure lawmakers to reconsider the tariff freeze.

Original Description

李대통령, 제2차 비상경제점검회의 주재 오후에는 석유공사 비축기지 방문

As the conflict in the Middle East nears the one-month mark, concerns are growing in South Korea over possible energy shortages.

President Lee Jae Myung today called for energy saving during an emergency economic meeting.

-Our Blue House correspondent Song Yoo-jin reports.

With the government's emergency response framework now in place, President Lee Jae Myung says the focus must now shift to execution, as South Korea braces for possible energy supply disruptions stemming from the Middle East conflict.

"With global supply chains now far more complex and interconnected than ever before, it has become extremely difficult to pinpoint exactly where risks are emerging and how widely they may ripple through the economy.

In response, the government has moved into a full emergency economic response mode."

President Lee chaired an emergency economic meeting with relevant ministries at the Blue House on Thursday, the second such meeting since the conflict began last month.

The meeting came a day after the government announced the launch of an emergency economic task force led by Prime Minister Kim Min-seok.

In his opening remarks, Lee delivered a direct message to the public, urging them to help conserve energy, particularly electricity.

"The government ultimately bears full responsibility for the electricity supply.

We are trying, as much as possible, to keep electricity rates unchanged for now.

But if rates remain at current levels, losses and deficits could grow significantly."

The Korea Electric Power Corporation is the state-run utility responsible for supplying nearly all of the country's electricity.

Its debt has surpassed 2-hundred-trillion Korean won, which is more than 1-hundred-32-billion U.S. dollars.

That message carried into the afternoon, when President Lee doubled down on the need to cut back on energy use during a visit to the Korea National Oil Corporation's oil storage base in Seosan, Chungcheongnam-do Province.

"As you'll all know, what matters now is securing as much crude oil as possible and reducing consumption wherever we can, so that we can overcome this crisis."

The facility is South Korea's largest oil storage base, with a total capacity of 14-point-6 million barrels.

Inspecting the site, President Lee urged officials to ensure the tanks are handled safely.

Song Yoo-jin, Arirang News.

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2026-03-26, 20:00 (KST)