South Korean President Lee Jae Myung and Japanese Prime Minister Sanae Takaichi have agreed to strengthen energy and security cooperation as global oil and gas markets face rising uncertainty.
During their summit in Andong on May 19, 2026, the two leaders announced closer coordination on crude oil, petroleum products, and LNG supplies. The agreement includes stronger information-sharing on strategic oil reserves and emergency supply systems to improve energy stability for both nations.
South Korea and Japan will also explore flexible swap arrangements for crude oil, refined fuels, and LNG to protect industries and households from future supply disruptions. The move comes as global energy security risks increase due to tensions in the Middle East and the ongoing U.S.-Iran conflict.
The summit highlighted growing trust between the two Asian neighbors through continued “shuttle diplomacy,” regular high-level meetings, and stronger economic cooperation. Both leaders emphasized that stable energy supplies are essential for economic growth, public welfare, and regional stability across Asia.
