South Korea's Lee calls for more active response to energy crisis

President Lee Jae Myung urges a stronger response to the energy crisis, exploring emergency fiscal measures and accelerated renewable energy initiatives. South Korea also maintains fuel price caps and export limits amid Middle East supply disruptions.

Reuters

March 31, 2026

South Korea's Lee calls for more active response to energy crisis

FILE PHOTO: South Korean President Lee Jae Myung speaks during his new year press conference at the presidential Blue House in Seoul, South Korea, Wednesday, Jan. 21, 2026.

Ahn Young-joon/Reuters

South Korea plans to respond more vigorously to the energy supply situation stemming from the war in Iran and may consider emergency fiscal measures, President Lee Jae Myung said on Tuesday (March 31).

Lee said the current crisis gripping the world could be an opportunity for South Korea to transition to a more sustainable energy policy, including a swifter push to increase the use of renewables.

Lee said the constitution allows the government to deploy emergency fiscal orders in a crisis situation.

The South Korean government has put a cap on fuel prices and restricted the export of naphtha following the disruption of supplies from the Middle East, from which it sources 70% of its oil.

Production: Yunji Ha, Minwoo Park/Reuters