According to Yonhap News Agency, on April 8, 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 announced on the 7th that member states decided to release a total of 120 million barrels of oil reserves in the next six months to deal with the impact of the Russian-Ukrainian conflict.
South Korea's Ministry of Trade, Industry and Energy said on the 8th that after negotiation, South Korea released 7.23 million barrels, the largest release by South Korea so far under such international measures.
Up to now, 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.
(produced by Wu Rui)
Responsible editor: [Ji Xiang]