China News Service, April 8 (Yonhap News Agency) According to Yonhap News Agency, on the 8th local time, the Ministry of Industry, Trade and Energy of South Korea said that the South Korean government decided to release 7.23 million barrels of oil reserves after consultation with the International Energy Agency (IEA).
The International Energy Agency held a ministerial meeting on April 1.
Since the release of 60 million barrels of oil reserves is still difficult to fill the market gap, the US presidency proposed to release another 120 million barrels at the meeting.
Representatives of 31 member countries including South Korea expressed support for this and decided to release a total of 120 million barrels of oil reserves in the next six months.
So far, South Korea's oil reserves release scale ranks third in the world, after the United States (60.56 million barrels) and Japan (15 million barrels).
The South Korean government stated that the release of oil reserves this time has reached a record high, and will use this to fully respond to the high international oil prices caused by the prolonged situation in Russia and Ukraine, and will reduce the pressure on the national economy to a minimum level.
Despite this release of massive oil reserves, South Korea will maintain more than 90 days of oil reserves required by the International Energy Agency.