Finance chief urges GCC nations to bolster supply chain cooperation | Yonhap News Agency

## Summary
OK SEOUL, April 5 (Yonhap) -- Finance Minister Koo Yun-cheol urged Gulf Cooperation Council (GCC) countries to strengthen cooperation to help stabilize energy and raw material supply chains amid prolonged tensions in the Middle East, the finance ministry said Sunday. Koo, who also serves as deputy prime minister, met with ambassadors from the six GCC countries in Seoul on Friday at the residence of the United Arab Emirates (UAE) ambassador to discuss economic cooperation, according to the Ministry of Economy and Finance. Finance Minister Koo Yun-cheol (5th from L) speaks with ambassadors of six Gulf Cooperation Council countries -- the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait -- at the residence of the UAE ambassador in Seoul on April 3, 2026, in this photo provided by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap) kyongae.choi@yna.co.kr (END) Related Articles (LEAD) S. Keywords #finance chief-GCC ambassadors Articles with issue keywords Most Liked Oscar-winning 'KPop Demon Hunters' directors promise 'bigger,' more 'eventful' sequel Paik Kun-woo, at 80, says 'Music chose me' (LEAD) BTS scores 7th No. 1 album on Billboard 200 with 'Arirang' BTS to drop 'Come Over,' exclusive new track on 'Arirang' LP (URGENT) BTS earns 7th No. 1 song on the Billboard singles chart with 'Swim' Most Saved Oscar-winning 'KPop Demon Hunters' directors promise 'bigger,' more 'eventful' sequel Paik Kun-woo, at 80, says 'Music chose me' (LEAD) Trump calls on countries to 'go get your own oil' from Strait of Hormuz, or buy it from U.S. (3rd LD) Lee says S.

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SEOUL, April 5 (Yonhap) -- Finance Minister Koo Yun-cheol urged Gulf Cooperation Council (GCC) countries to strengthen cooperation to help stabilize energy and raw material supply chains amid prolonged tensions in the Middle East, the finance ministry said Sunday.
Koo, who also serves as deputy prime minister, met with ambassadors from the six GCC countries in Seoul on Friday at the residence of the United Arab Emirates (UAE) ambassador to discuss economic cooperation, according to the Ministry of Economy and Finance.
The GCC comprises the UAE, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait.
Koo and GCC ambassadors expressed concern that the escalating conflict in the Middle East has heightened volatility in global oil prices and financial markets, and warned that rising tensions around the Strait of Hormuz could weigh on the global economy.
The strait is a key maritime chokepoint through which roughly 25 percent to 30 percent of the world's crude oil and about 20 percent of liquefied natural gas shipments pass.
Koo noted that South Korea imports about 70 percent of its crude oil from the Middle East, with more than 95 percent of those shipments transiting the Strait of Hormuz.
"A prolonged conflict in the region could further intensify the negative effects on the Korean economy," he said.
Koo called on GCC countries to ensure stable energy supplies to South Korea and maintain uninterrupted shipments of key industrial materials, including naphtha and urea. Saudi Arabia is South Korea's largest crude oil supplier, while Qatar is a key provider of LNG.
In response, GCC ambassadors said South Korea is a priority partner and pledged close cooperation with Seoul to ensure stable supply conditions.
Koo said the government will use all available measures to mitigate the impact of the conflict, including fuel tax cuts, price stabilization measures for petroleum products, and broader financing support for affected businesses.
The government also plans to promptly carry out a supplementary budget worth 26 trillion won ($17 billion) to help minimize the economic fallout.
Finance Minister Koo Yun-cheol (5th from L) speaks with ambassadors of six Gulf Cooperation Council countries -- the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait -- at the residence of the UAE ambassador in Seoul on April 3, 2026, in this photo provided by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap)
kyongae.choi@yna.co.kr
(END)
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Finance chief urges GCC nations to bolster supply chain cooperation

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## Expert Analysis

### Merits
N/A

### Areas for Consideration
- Koo and GCC ambassadors expressed concern that the escalating conflict in the Middle East has heightened volatility in global oil prices and financial markets, and warned that rising tensions around the Strait of Hormuz could weigh on the global economy.
- Keywords #finance chief-GCC ambassadors Articles with issue keywords Most Liked Oscar-winning 'KPop Demon Hunters' directors promise 'bigger,' more 'eventful' sequel Paik Kun-woo, at 80, says 'Music chose me' (LEAD) BTS scores 7th No. 1 album on Billboard 200 with 'Arirang' BTS to drop 'Come Over,' exclusive new track on 'Arirang' LP (URGENT) BTS earns 7th No. 1 song on the Billboard singles chart with 'Swim' Most Saved Oscar-winning 'KPop Demon Hunters' directors promise 'bigger,' more 'eventful' sequel Paik Kun-woo, at 80, says 'Music chose me' (LEAD) Trump calls on countries to 'go get your own oil' from Strait of Hormuz, or buy it from U.S. (3rd LD) Lee says S.

### Implications
- Koo and GCC ambassadors expressed concern that the escalating conflict in the Middle East has heightened volatility in global oil prices and financial markets, and warned that rising tensions around the Strait of Hormuz could weigh on the global economy.
- Koo noted that South Korea imports about 70 percent of its crude oil from the Middle East, with more than 95 percent of those shipments transiting the Strait of Hormuz. "A prolonged conflict in the region could further intensify the negative effects on the Korean economy," he said.
- Koo said the government will use all available measures to mitigate the impact of the conflict, including fuel tax cuts, price stabilization measures for petroleum products, and broader financing support for affected businesses.
- Finance Minister Koo Yun-cheol (5th from L) speaks with ambassadors of six Gulf Cooperation Council countries -- the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait -- at the residence of the UAE ambassador in Seoul on April 3, 2026, in this photo provided by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap) kyongae.choi@yna.co.kr (END) Related Articles (LEAD) S.

### Expert Commentary
This article covers gcc, finance, korea topics. Areas of concern are also raised. Readability: Flesch-Kincaid grade 0.0. Word count: 698.