South Korea joins oil reserve release after US request

South Korea has agreed to participate in the joint release of oil reserves in response to a request from the United States, the country’s industry ministry said in a statement on Tuesday.

The South Korean ministry said details on the amount and timing of the release of oil reserves will be decided after discussions with the United States and other allies.

The United States will release 50 million barrels of crude from the U.S. Strategic Petroleum Reserve to help cool oil prices, that will start hitting the market in mid- to late-December, the White House said on Tuesday.

South Korea’s current petroleum stockpile reserves stand at 97 million barrels, enough for about 106 days, according to an official at the industry ministry.

Reuters reported that the Biden administration has asked some of the world’s largest oil consuming nations to consider releasing some of their reserves in a coordinated effort to lower prices and stimulate economic recovery.
Reuters 

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