South Korea Will Import 18 Million Barrels of Crude Oil from the United Arab Emirates

MetaMuskRat · 2026-03-19T00:27:35+00:00

South Korea's Presidential Secretary Kang Hoon-sik revealed that the UAE promised priority supply of crude oil. The two countries reached a memorandum of understanding on crude oil supply cooperation, allowing South Korea to make emergency purchases of 18 million barrels of crude oil. The issue of the Strait of Hormuz was not discussed during the visit.

MetaMuskRat

2026-03-19 00:27:35

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People’s Financial News, March 18 — Chief of the Korean Presidential Secretariat Kang Hoon-sik announced at a press conference that the United Arab Emirates has committed to prioritize oil supplies to South Korea. The Korea-UAE sides have reached an agreement on signing a Memorandum of Understanding on Cooperation in the Oil Supply Chain, which includes exploring alternative oil supply routes. The signing is expected to take place soon. Kang Hoon-sik, who recently returned to South Korea after visiting the UAE as President Lee Jae-myung’s special envoy for strategic economic cooperation, stated that the Korea-UAE agreement allows South Korea to urgently purchase oil through the UAE at any time, with a total of 18 million barrels of oil to be urgently imported from the UAE. Additionally, Kang Hoon-sik mentioned that during this visit, no discussions were held with the UAE regarding the Strait of Hormuz issue. (CCTV News)

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