South Korea secures 24 million barrels of UAE crude as energy risks rise

The United Arab Emirates has committed to prioritising crude oil supplies to South Korea, securing a total of 24 million barrels, according to a senior aide to President Lee Jae Myung, as concerns grow over global energy stability amid escalating tensions in the Middle East.

Kang Hoon-sik, the presidential chief of staff, made the announcement on Wednesday, March 18, following his return from an official visit to the UAE. His remarks come as global energy markets remain under pressure, with the US-Israeli strikes on Iran and Tehran’s retaliatory actions now entering their third week.

Speaking at a briefing, Kang said the UAE had given firm assurances regarding supply commitments. “The UAE clearly promised us that no country would receive crude oil ahead of South Korea and that we are the ‘No. 1 priority’ in terms of its oil supply,” he stated.

He added that the two sides had also reached an agreement allowing South Korea to make emergency crude oil purchases from the UAE at any time if needed. As part of this arrangement, Seoul has secured an additional 18 million barrels of crude oil on top of an earlier deal.

According to Kang, the newly secured volumes include 6 million barrels to be transported via three UAE-flagged vessels and 12 million barrels via six Korean-flagged vessels, ensuring logistical flexibility in delivery.

In parallel, the two countries have agreed to formalise broader cooperation by signing a memorandum of understanding focused on crude oil supply chains. The agreement will also include joint efforts to explore alternative supply routes, aimed at strengthening resilience against potential disruptions. Kang noted that the memorandum is expected to be signed in the near future.

Emphasising the significance of the deal, Kang said the arrangement had helped South Korea avoid a severe supply crisis. “We have avoided the worst-case scenario regarding the supply of crude oil,” he said. “At the very least, we will not face difficulties in supplying crude oil to South Korea.”

With the latest commitments, South Korea is set to receive a total of 24 million barrels of crude oil from the UAE, including the previously agreed 6 million barrels, providing a buffer against ongoing volatility in global energy markets.

By Tamilla Hasanova