Korea to release oil from reserves

The government will release almost 3.5 million barrels from its oil reserves in an effort to control international and domestic oil prices, the Ministry of Knowledge Economy announced Friday.

According to the ministry, the government will release 3.467 million barrels in compliance with the International Energy Agency’s Initial Contingency Response Plan.

Korea’s oil reserves, held by the government and the private sector, stand at 107.3 million barrels, which is sufficient for 191.3 days.

According to the ministry’s estimates, the releasing of the reserves will lower the price of petroleum products by about 35 won per liter (3.2 cents) after roughly two weeks.

(cheesuk@heraldcorp.com)