South Korean President Lee Jae-myung: Refined oil prices will remain stable, and dependence on Middle Eastern crude oil has dropped below 50%

⑴ South Korean President Lee Jae-myung stated on social media that gasoline, diesel, and other refined oil prices will remain stable. ⑵ Lee Jae-myung mentioned that by dispatching crude oil special envoys and strengthening oil diplomacy, diversifying crude oil import sources, and subsidizing long-distance crude oil transportation costs, the reliance on Middle Eastern crude oil—previously as high as 70%—has been reduced to less than 50% within just a few months. ⑶ He stated that efforts to diversify imports will continue to be vigorously promoted in the future. ⑷ He also said that by introducing a strategic oil reserve swap system, the stability of crude oil supply is ensured even when the strategic reserve is depleted. ⑸ Against the backdrop of rising supply risks and high oil prices in the Middle East, accelerating the diversification of South Korea's import sources helps reduce dependence on a single channel, but transportation costs and the stability of alternative sources remain key areas for ongoing attention.