Daily Management Review

South Korea to release over three million barrels of oil


The South Korean authorities will release 3.17 million barrels from the state's oil reserves from next month to help stabilise fuel prices, KBS television reported, citing a government decision.

According to the channel, the decision was taken on Thursday after the government consulted with local refiners.

According to KBS, the government believes that the remaining stocks will be sufficient for the near future, including to deal with a possible fuel crisis.

The amount of oil planned to be released from storage is 3.3% of South Korea's national strategic oil reserve.

In late November, the South Korean government decided to sell part of the oil reserves from the strategic reserve in order to stabilise the price of the commodity following a US offer.

In order to reduce domestic fuel prices, the US had earlier decided to tap the strategic oil reserve and release 50 million barrels to the market in synchronisation with a number of other consuming countries. This initiative was supported by a number of countries.

source: news.kbs.co.kr