Lee Jae Myung Vows Oil Price Stability Amid Middle East Tensions
South Korean President Lee Jae Myung has reassured citizens that his government is taking measures to stabilize oil prices amid global market concerns. The surge in crude prices above $100 a barrel has been caused by escalating tensions in the Middle East, with disruptions in the Red Sea and the Strait of Hormuz adding to supply worries.
The president highlighted efforts to diversify imports from the region, which have fallen from 70% to 50%, as well as measures such as oil price caps, export controls, and a strategic oil reserve swap system. Lee also reaffirmed the government's commitment to cracking down on oil hoarding and price collusion.
The president emphasized that these efforts are aimed at reducing the country's reliance on Middle Eastern imports, which have risen due to recent events. He even went as far as saying 'You don't have to worry about oil prices at all.'