The government will release 22.46 million Barrel in line with the International Energy Agency (IEA)'s decision to make an emergency drawdown of strategic petroleum reserves. Korea's release is the largest since the Gulf War in 1990.
According to the Ministry of Trade, Industry and Resources on the 11th, the government will join a joint resolution to release 400 million Barrel of reserves proposed at the IEA emergency governing board.
The reserves Korea will release this time amount to 22.46 million Barrel, or 5.6% of the total. The amount by country was calculated in proportion to each country's share of oil consumption among all member states. Korea's release is the largest since 1990, when 4.94 million Barrel were released during the Gulf War.
The IEA's joint release of strategic reserves is being implemented for the first time in four years since the Russia-Ukraine war in 2022. At that time, the IEA released 11.65 million Barrel in two rounds.
The Ministry of Trade and Industry (MOTI) said, "The government will consult with the IEA secretariat on specifics such as the timing and volume of the release from the perspective of the national interest, in line with Korea's circumstances," adding, "We plan to continue to work closely with major countries to respond to the high oil price situation stemming from the Middle East crisis, minimizing the impact on the national economy and consumer prices."