The following combines the April 7 Press Briefing on the Middle East Situation issued by Cheong Wa Dae (CWD) Chief of Staff Kang Hoon-sik and an April 8 press release by the Ministry of Foreign Affairs (MOFA) regarding the recent cease fire: Today marks the 39th day since the outbreak of the Middle East crisis. In response to signs of expanding and prolonged military conflict, the government established an Emergency Economic Situation Room at Cheong Wa Dae on March 25, and has convened three sessions of the Emergency Economic Review Meeting, chaired directly by the President, with the most rec
In a March 11 press release, Korea’s Ministry of Trade, Industry and Resources (MOTIR) announced that the International Energy Agency (IEA) had decided at an emergency Governing Board meeting the same day to implement the Collective Action proposed on March 10 to release 400 million barrels of emergency oil stocks. Korea has been allocated 22.46 million barrels, or 5.6% of the total, for release. The IEA approved the largest coordinated stock release in its history to help ease the global energy supply crisis, which has been intensifying amid recent developments in the Middle East. National re