South Korea announced an emergency allocation of over 6 million barrels of crude oil from the UAE to help alleviate the blockage in the Strait of Hormuz.

On Friday, Kang Hoon-jik, chief of staff to the South Korean presidential office, stated in a press briefing that South Korea will receive over 6 million barrels of crude oil from the United Arab Emirates. Kang Hoon-jik said that following concerns about energy security due to disruptions in shipping through the Strait of Hormuz, the UAE has arranged for emergency crude oil transportation. The crude oil from the UAE will help stabilize South Korea's refined oil prices. He stated that two oil tankers flying the South Korean flag, each with a capacity of 2 million barrels, will immediately dock at an alternative port in the UAE that does not require passage through the Strait of Hormuz. The UAE's state-owned oil company will load approximately 4 million barrels of stored crude oil from that port to ensure the oil tankers can return to South Korea as soon as possible. In addition, the UAE has also promised that it can allocate 2 million barrels from the shared oil reserves in South Korea upon request. Kang Hoon-jik pointed out that 6 million barrels of crude oil is equivalent to twice the daily consumption rate in South Korea. He added that the South Korean government will continue to closely monitor the shipping situation in the region and maintain stable energy supply through diversified import sources.