South Korea's Lee calls for 'quick transition' to renewable sources as Mideast conflict hits oil supplies
Situation is 'worse than you think' and could deteriorate further, says President Lee Jae Myung
ISTANBUL
South Korean President Lee Jae Myung on Monday called for a "quick transition" to renewable energy sources as the Middle East conflict continues to negatively affect oil supplies.
The situation is "worse than you think" and could deteriorate further, he warned while addressing a town hall meeting on the southern island of Jeju, local news agency Yonhap reported.
"The whole world is in chaos because of the energy issue, and it's so serious that I can't fall asleep either," he said, while emphasizing the need to "quickly transition" to renewable energy sources.
South Korea imports about 55% of its energy sources, worth $144 billion in 2024, from the Middle East.
The US-Israel war with Iran and tensions in the Strait of Hormuz have disrupted regional energy flows, contributing to shortages and price pressures worldwide.
On March 2, Iran announced restrictions on navigation in the Strait of Hormuz, a key transit route for oil tankers, threatening to attack any vessels attempting to pass without coordination.
About 20 million barrels of oil transit the strait daily, and its effective closure has driven up oil prices and shipping and insurance costs, triggering global economic concerns.
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