South Korea Raises Resource Security Alert to "Caution," Plans Car Restrictions to Counter Oil Crisis

On the afternoon of the 18th, the South Korean government raised its Resource Security Crisis Alert from "Watch" to the second-highest level, "Caution," in response to an escalating oil supply crisis. This decision followed a comprehensive assessment of the crisis's severity and its potential impact on public livelihoods and the national economy. To stabilize energy supplies, South Korea will participate in the International Energy Agency’s (IEA) plan to release strategic petroleum reserves, exercise its priority purchasing rights to secure international oil supplies, and explore alternative import routes bypassing the Strait of Hormuz. On the demand side, the government will collaborate with ministries including the Ministry of Climate Change, Energy, and Environment to enforce mandatory energy-saving measures across public institutions and is considering implementing vehicle rationing policies to reduce fuel consumption.