South Korea to release 3.17M bbls from Strategic Petroleum Reserves

Oil

South Korea has announced that it will release 3.17M bbls of oil from its Strategic Petroleum Reserves (SPR) from January as part of a wider coordinated effort with other major oil-consuming countries to ease fuel prices, Argus reports. This release will take place across January-March, and will occur sequentially according to the production plans of each refinery, according to a statement from the Ministry of Trade, Industry and Energy. Around 2.08M bbls of crude will be loaned to domestic refineries, while 1.09M bbls of oil products will be sold to the highest bidder, with the total equating to 3.3% of the government’s total 97M bbls SPR.