Lee Jae Myung Assures Koreans on Oil Prices Amid Middle East Tensions

South Korea's President Lee Jae Myung has reassured citizens that the government is taking measures to stabilize oil prices amid rising global crude prices driven by tensions in the Middle East.

The president cited the country's diversified crude oil imports, reducing the Middle East share from about 70 percent to 50 percent. He also mentioned oil price caps, export controls and a strategic oil reserve swap system as part of the government's response.

President Lee stressed that the government will crack down on oil hoarding and price collusion while compensating local refiners for losses stemming from government price stabilization measures.