U.S. requests South Korea to release oil reserves

WASHINGTON DC, (Reuters):  South Korea has received a request from the United States to release oil reserves in response to rising oil prices, an official at South Korea’s industry ministry said on Thursday.

“We are thoroughly reviewing the U.S. request, but we do not release oil reserves because of rising oil prices. We could release oil reserves in case of supply imbalance, but not to respond to rising oil prices,” the industry ministry official told Reuters. 

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

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