Korea could face ‘energy crisis’ by late April, experts warn in Oil & Companies News 24/03/2026 As Iran’s war disrupts imports of crude oil, liquefied natural gas (LNG) and other critical energy supplies, experts are cautiously warning that Korea could confront a full-blown energy crisis as early as late April. With the Strait of Hormuz effectively sealed for nearly three weeks to date, Korea’s oil refiners — which depend on the Middle East for roughly 70 percent of their crude — say their operational endurance may not exceed two months. The shortages of naphtha have already begun to bite in the petrochemical sector, forcing companies to sharply curtail utilization rates in a bid to conserve dwindling feedstock. Some chemical firms have already cut production or shut down plants temporarily, adopting a defensive stance to endure the mounting supply crisis. While the government cites reserves sufficient for seven months, that figure reflects an extreme, all-inclusive accounting,” said a source at a major Korean oil refiner. “We can hold out for perhaps two months, and by late April, if there doesn’t look to be any clear solution, the impact will become unmistakable, and we may be forced to scale back plant operations in earnest.” Korea currently holds roughly 190 million barrels in oil reserves, where the government states that Korea can sustain for up to 208 days. But this calculation was made without considering the exports; domestic refiners exported 485.35 million barrels last year, or some 51.9 percent of total crude imports. When exports are factored in, daily oil demand rises to roughly 2.8 million barrels, reducing the effective lifespan of existing reserves to just 68 days. West Texas Intermediate crude stood at $99.98 a barrel as of Monday at 7 a.m., a 49.2 percent surge from Feb. 27, while Brent crude climbed 56.6 percent over the same period to $113.5 a barrel. “The price spread between Dubai crude and other benchmarks had widened to near-historic levels, meaning that the closure of the Strait of Hormuz has been directly priced into Dubai spot cargoes,” said Yang Ki-wook, director general of the Office of Industry, Trade and Resource Security at the Ministry of Trade, Industry and Resources Monday morning at the Sejong government complex, adding that the recent pace of increase “far outstrips that observed during the Russia-Ukraine war.” The disruption is particularly acute for Korea, where roughly 99 percent of crude imports from the Middle East transit the Strait of Hormuz — a narrow but indispensable artery of global energy trade. Despite stretching just 90 miles in length and narrowing to 21 miles at its tightest point, the waterway serves as the sole maritime gateway connecting the Persian Gulf to the Indian Ocean. Each year, about 26 percent of the world’s crude oil and 23 percent of its liquefied natural gas shipments pass through the strait. “Given that Israel has begun to signal the possibility of a ceasefire, there is reason to expect a window for stabilization by the end of March,” said Lee Kwon-hyung, a senior research fellow specializing in the Middle East at the Korea Institute for International Economic Policy. “If that fails, by late April the refining and petrochemical industries will begin to feel direct strain, with disruptions likely cascading into the production of vinyl and other plastic goods. Naphtha — a critical feedstock underpinning a vast downstream ecosystem spanning plastics, automobiles and elec