<Anchor> As



international oil prices soared and concerns about inflation grew, the United States decided to release the oil it was stockpiling in case of an emergency. 



Other major oil-consuming countries, including Korea, also agreed to participate, and how effective it will be, Correspondent Kim Jong-won of New York.



<Reporter> A



total of 50 million barrels of oil to be released by the US will be supplied to the market over the next several months.



[Joe Biden/President of the United States: To meet the demand for gasoline (which arises during the recovery phase), today I am announcing the largest release of strategic oil reserves in history.] The



United States includes South Korea, Japan, India, the United Kingdom, and gritty Even China, which has a relationship, said it has agreed to release oil stockpiles jointly with major oil consumers around the world.



Korea released 3.5 million barrels of oil, which is 4% of the total oil reserves during the Libyan crisis in 2011, and it is expected to be at a similar level this time.



Japan announced that it would release 4.2 million barrels, equivalent to two days of domestic demand, and India also announced that it would release 5 million barrels.



In the past, when oil production was disrupted due to wars in the Middle East, the international community has released oil reserves, but this is the first time that oil-consuming countries have cooperated so autonomously.



Some view that a struggle has begun between oil-producing countries and oil-consuming countries, which are refusing to increase production despite rising oil prices.



[Joe Biden/President of the United States: It will take some time, but sooner or later you will see the price of oil fall when you



refuel

.]

Today (24th), when President Biden announced that he would release the

oil

stockpile, it was also found on the New York Mercantile Exchange, etc. International oil prices soared more than 2%.



In the end, there is a growing voice that oil producing countries need fundamental measures such as increasing oil production in order to catch oil prices.



(Video coverage: Lee Sang-wook, video editing: Yoon Tae-ho)