South Korea announced it would release 7.23 million barrels of oil from its reserves: the world’s third largest after the United States and Japan

South Korea’s Ministry of Trade, Industry and Energy said Thursday that the government decided to release 7.23 million barrels of oil reserves after consulting with the International Energy Agency (IEA), Yonhap news agency reported.The release was the third largest in the world after the United States (60.56 million barrels) and Japan (15 million barrels).The Iea held a ministerial meeting on April 1, the report said.With the release of 60m barrels of reserves still too small to fill the market gap, the US presidency proposed a further 120m barrels.Representatives of 31 member countries, including South Korea, agreed to release a total of 120 million barrels of oil reserves over the next six months.The south Korean government announced that the release of the oil reserves is a record high and that it will minimize the pressure on the national economy due to the high international oil prices caused by the prolonged conflict between Russia and Ukraine.Despite the release, South Korea will maintain reserves of more than 90 days required by the International Energy Agency.Copyright works of overseas network, shall not be reproduced without authorization.

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