Original title: South Korea announced that it would respond to the release of national oil reserves by the United States
According to a number of Korean media reports on the 24th, the Korean government announced on the 23rd that it would participate in the joint release of oil reserves proposed by the United States with major oil consuming countries such as Japan and India. The South Korean government said it would determine the specific release scale, time and mode after consultation with the United States. It is expected that the release scale will be the same as the previous international cooperation between South Korea and the International Energy Agency (IEA). Earlier, the South Korean government released 4% of the national oil reserves to 3.467 million barrels in 2011 according to the requirements of the International Energy Agency.
Some analysts believe that this is also expected to release 4% to 5% of South Korea's total reserves. It is reported that a South Korean government official recently said that South Korea's domestic oil reserves can meet the standard set by the International Energy Agency for domestic consumption for more than 100 days, so the release of reserves will not affect the domestic oil supply in an emergency. South Korea's crude oil reserve management regulations stipulate that the government can release oil reserves for domestic oil supply and demand problems or for international cooperation purposes. According to the data of Korea petroleum commune, by the end of August this year, 9 domestic oil storage bases in Korea had stored 97 million barrels of crude oil, which can be used for 106 days at home.