Government “joins proposal for joint release of US oil stockpiles”


▲ Korea National Oil Corporation stockpile base

The Korean government has also decided to join the U.S. joint release of oil reserves.

The Ministry of Foreign Affairs announced today (23rd) that the decision was made in consideration of the need for cooperation in the recent sharp rise in international oil prices, the importance of the ROK-U.S. alliance, and the participation of major countries.

Although the specific scale, timing, and method of the release of oil stockpiles are to be specified in consultation with allies such as the United States, it is expected that the decision will be made at a similar level to the case of the release of IEA, the International Cooperation Agency, at the time of the Libyan crisis in 2011.

The government had released 3.46 million barrels, or 4% of the total oil reserves at the time.

The Ministry of Foreign Affairs added that in this case, the domestic oil reserves are sustainable for more than 100 days in accordance with the IEA international standards, and it is not expected that the oil supply and demand will be affected in case of an emergency despite this release.

(Photo = provided by the Korea National Oil Corporation, Yonhap News)

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