By Ian Werther in News — 18 Mar 2026

S Korea, UAE to sign emergency oil pact for 24 million barrels

South Korea’s presidential chief of staff, Kang Hoon-sik, who returned from a visit to the United Arab Emirates as President Yoon Suk Yeol’s special envoy for strategic economic cooperation, held a briefing at Cheong Wa Dae’s Chunchugwan press room on the 18th. He said the UAE has pledged to treat Korea as the top priority for crude oil supplies amid a global market shortage.

Kang reported that the UAE vowed, in his words, that “no country would receive oil before Korea,” and that Korea could trigger emergency purchases through UAE channels at any time. He said the two sides had agreed to secure an emergency intake of 18 million barrels of crude oil.

Oak barrels in the wine cave of Rutherford Hill Winery in Napa County, California. The “red band” on some wine barrels is the residue of spilt red wine. — Representative image for context; not directly related to the specific event in this article. License: CC BY-SA 4.0. Source: Wikimedia Commons.

Under the plan, UAE-flagged vessels would supply 6 million barrels and Korean-flagged ships would deliver 12 million barrels. Adding to 6 million barrels that Korea had already received earlier, the total emergency imports would reach 24 million barrels.

Kang said the two countries have agreed to sign a Memorandum of Understanding on Oil Supply-Chain Cooperation, which would include exploring alternate supply routes. The signing is expected soon.

The briefing comes amid a global oil supply crunch that has affected markets beyond Korea. For the United States and other energy-importing economies, the move highlights ongoing concerns about reliable access to crude and the value of allied arrangements to diversify and secure energy flows.

Stamp of the United Arab Emirates - Emirate Fujeira; 1970: commemorative stamp of the issue "Nude paintings by Renoir"; meant is the French painter and master of the impressionism "Pierre-Auguste Renoir" (1841-1919); Depicted is his painting "Standing Bather" from 1896. (There it's giving still a similar painting with the German title: "Die Badende im Grünen" (from the same year but with other background).); This painting was created in 1896 in the style of the Post-impressionism (other catalog: Moderne) and is contemporary located in private possession.; How may it be, in each case this painting is classified as late work of the artist.; The depicted woman is unknown.; The stamp is one of the so-called "Dunes issues".; stamp postmarked by CTO
Stamp: Michel: No. 849A; Yvert & Tellier: No. 114-B
Color: multicolored
Watermark: none
Nominal value: 70 DH (Dirham)

Postage validity: from 30 December 1970 until 31 March 1973date QS:P,+1970-00-00T00:00:00Z/8,P580,+1970-12-30T00:00:00Z/11,P582,+1973-03-31T00:00:00Z/11
Stamp size (printed area of a single stampwithout signeture line): 34.5 x 45.0 mm — Representative image for context; not directly related to the specific event in this article. License: Public domain. Source: Wikimedia Commons.

UAE is a major oil producer in the Gulf region and a member of OPEC+. Its capacity to supply Asia with crude matters for global energy markets, given the region’s influence on world prices and supply stability.

South Korea depends heavily on crude oil imports, including from the Middle East, to fuel its economy. The new accord with the UAE could influence how Seoul and its trading partners manage crude dispatch in emergencies, with potential implications for global pricing and the resilience of energy supply chains that feed U.S. manufacturing and technology sectors.

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