South Korea will draw down 22.46mn bl of oil from its strategic reserves as part of the IEA's co-ordinated release of oil, the country's ministry of trade, industry and resources (Motir) said today.
Its drawdown marks the country's largest-ever release since it drew down 4.94mn bl during the Gulf war in 1990, Motir added.
The South Korean government will work with the IEA secretariat on the timing and quantity of the drawdown, it said. No further details about the release were disclosed.
The IEA's 32 members states unanimously agreed to make 400mn bl of oil from emergency reserves available to the market, with South Korea's portion making up 5.6pc of the total.
The agency did not specify the mix of crude and products for the release but said that the stocks will be made available over a timeframe "appropriate to the national circumstances of each member country".
The move was in response to supply disruptions arising from the US-Iran war, which has led to the de facto closure of the strait of Hormuz, reducing shipping traffic to a standstill.
Meanwhile, fellow IEA member country Japan is set to release 80mn bl from public and privately held reserves starting on 16 March, it said. And the UK will draw down 13.5mn bl for the IEA release, it said.
US president Donald Trump has authorised a release of 172mn bl of crude from the country's Strategic Petroleum Reserve (SPR) over the next four months as part of the co-ordinated move.
