North Korea Oil Inflow Rumor Dismissed as 'Malicious Smear'

President Lee Jae-myung stated on the 31st that the global economy is facing an emergency due to the fallout from the Middle East war, speaking at a cabinet meeting at Cheong Wa Dae. He referenced the Organisation for Economic Co-operation and Development (OECD)'s downward revision of growth forecasts for major economies and a warning that oil prices could surge to $135 per barrel in the second quarter, stressing the critical importance of South Korea's crisis response given its high external dependency and significant reliance on Middle Eastern energy.

"We must move beyond a tendency to rely on existing practices or customary procedures and adopt more proactive and aggressive responses," he said, adding, "In urgent situations, we may even consider using the emergency financial order as stipulated by the Constitution."

As emergency supply adjustment measures for naphtha went into effect last week, President Lee instructed that key raw materials such as urea solution, helium, and aluminum be managed with the same strictness as wartime provisions. He stated that national inventory of volume-based waste bags, which use naphtha as raw material, and related raw materials are sufficient. He added that any preparation shortfalls by specific local governments could be resolved through cooperation with neighboring municipalities. He instructed the relevant ministries to strictly guide and manage local governments and to preemptively address any recurrence of similar issues with other goods.

President Lee declared that the spread of false information that disrupts social order and hinders overcoming national crises constitutes a serious crime. He instructed the police to swiftly investigate and identify those spreading such information, citing a "malicious rumor" that 900,000 barrels of oil purchased by Vietnam during the crude oil priority rights exercise were subsequently transferred to North Korea. "During a national crisis, when everyone is striving to overcome it, there should be no actions that inflict pain or obstruct efforts through fake news," he said.