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South Korea activates emergency response, sets oil price cap, and boosts energy measures amid Middle East tensions threatening oil supply.
South Korea has activated a government-wide emergency response system amid escalating Middle East tensions disrupting global energy markets.
President Lee Jae Myung cited the International Energy Agency’s warning of the worst energy security threat in history, prompting new measures including a temporary petroleum price ceiling—its first since 1997—with biweekly adjustments.
The government is urging public institutions to adopt a one-in-five vehicle rotation system, promoting energy conservation as the country, which imports 70% of its oil through the Strait of Hormuz, faces potential supply risks.
Additional steps include plans to restart five nuclear reactors by May, expand renewables, and draft a 25 trillion won supplementary budget to support vulnerable households and businesses.
Corea del Sur activa la respuesta de emergencia, establece un tope para el precio del petróleo y aumenta las medidas energéticas en medio de las tensiones en Oriente Medio que amenazan el suministro de petróleo.