Korea to release record strategic oil reserves

Mar 12, 2026, 08:59 am

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A gas station in Seoul is seen on March 9 as fuel prices surge amid rising global oil prices. /Yonhap News

South Korea will release 22.46 million barrels of strategic petroleum reserves to help stabilize global energy markets following supply disruptions caused by the Middle East war, the government said March 12.

The move marks the country’s first release of emergency oil stockpiles since the Russia-Ukraine war in 2022 and will be the largest such release in South Korea’s history.

The Ministry of Trade, Industry and Energy said the decision follows an emergency meeting of the International Energy Agency (IEA) on March 11, where member countries agreed to jointly release a total of 400 million barrels of oil reserves.

South Korea’s share amounts to about 5.6 percent of the total planned release. The volume surpasses the 11.65 million barrels the country released in two rounds during the Ukraine war in 2022.

The amount is equivalent to roughly eight to nine days of South Korea’s daily oil consumption, which averages about 2.6 million barrels per day.

This will be the fifth time South Korea has released strategic reserves since first doing so during the Gulf War in 1990. The volume allocated to each country is calculated in proportion to its share of oil consumption among IEA member states.

The IEA noted that crude oil flows through the Strait of Hormuz have been disrupted since the Middle East conflict began on Feb. 28, with exports of crude oil and petroleum products dropping to less than 10 percent below pre-conflict levels.

The agency said the coordinated release aims to ease global supply concerns and stabilize energy markets.

Founded in 1974 to coordinate responses to oil supply crises, the IEA currently has 32 member countries including South Korea, the United States, Japan, the United Kingdom, Germany and France.

Member states are required to maintain emergency reserves equivalent to at least 90 days of net oil imports and participate in coordinated releases during supply disruptions.

The South Korean government said it will determine specific details such as the timing and pace of the release in consultation with the IEA secretariat, taking into account national interests and domestic conditions.

Officials expect the release to help curb the recent surge in global oil prices and reduce uncertainties in crude supply.

The ministry said the government would work closely with major countries to stabilize the global oil market while minimizing the burden of high energy prices on the domestic economy and household living costs.

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