President Lee Chairs Crisis Summit on Oil Prices, Vows 100-Trillion-Won Market Backstop

Korea's 208-day strategic reserve and whole-of-government task force take center stage as energy security concerns mount

President Lee Jae Myung chaired an "Emergency Economic Review Meeting on the Middle East Situation" starting at 11:00 a.m. for approximately one and a half hours on March 9. The meeting was attended by the Deputy Prime Minister for Economic Affairs along with vice ministers and ministers from 11 government ministries and agencies. Minister of Economy and Finance Koo Yoon-cheol reported on "Assessment of Real Economy Impacts from the Middle East Situation and Whole-of-Government Response Measures"; Minister of Trade, Industry and Energy Kim Jeong-gwan reported on "Oil and Gas Supply Stabilizati