S. Korea to release 22.46 mil. barrels from oil reserves under IEA plan

South Korea plans to release 22.46 million barrels of oil from its strategic reserves in line with an agreement among International Energy Agency (IEA) members to make 400 million barrels of oil from their reserves available to the market, Seoul’s industry ministry has said. The ministry announced the plan for the release on Wednesday, shortly after the 32-member IEA unanimously agreed to carry out the agency’s largest-ever oil stock release in a collective action to help address disruptions in oil markets that stem from the ongoing war between the United States, Israel and Iran. The contribution of each country in the collective endeavor was calculated in proportion to its share of the member countries’ total oil consumption. South Korea’s planned release accounts for 5.6 percent of the total 400 million barrels to be released. “(South Korea) assesses that close cooperation with the IEA this time will contribute greatly to stabilizing the international oil market,” an industry ministry official said. “Going forward, we plan to minimize the impact on the people’s economy and prices by cl

Read Full Article