South Korea Braces for Energy Crunch Amid Middle East Conflict

South Korean President Lee Jae Myung has initiated a nationwide energy-saving campaign due to possible oil and gas supply disruptions from the Iran conflict. Measures include curbing vehicle use and restarting nuclear reactors. The government plans a supplementary budget to support consumers and industries amid this crisis.

South Korean President Lee Jae Myung announced a comprehensive energy-saving campaign on Tuesday, addressing potential disruptions in oil and gas supplies caused by the ongoing conflict in Iran. Public institutions have agreed to reduce their passenger car use as a key conservation measure.

Energy Minister Kim Sung-whan suggested that while private-sector vehicle restrictions are currently voluntary, they could be enforced if the situation worsens. Top oil-consuming businesses are encouraged to cut down usage, and the government is promoting staggered commuting and other methods of conservation.

To alleviate dependency on LNG, South Korea plans to restart five nuclear reactors by May and to lessen restrictions on coal plants, alongside expanding renewable energy. The government is also preparing a supplementary budget of 25 trillion won ($16.6 billion) to potentially include financial aid for individuals and businesses, as disruptions to global energy markets continue to pose challenges.