South Korea's strategic oil reserves hit 100 million barrels

SEOUL, December 22 (AJP) - South Korea's strategic oil reserves have surpassed 100 million barrels for the first time, the government said on Monday.

The Ministry of Trade, Industry and Energy said the final oil tanker carrying this year’s stockpiled crude arrived at the Korea National Oil Corp.’s storage base in Geoje, bringing state-held reserves to 100 million barrels.

Privately held oil stockpiles stood at about 95 million barrels as of October. Combined public and private reserves are sufficient to cover more than 210 days of net daily imports, exceeding the standard set by the International Energy Agency (IEA), the ministry said.

South Korea began building strategic oil reserves in 1980 after the first and second global oil shocks highlighted the risks of supply disruptions. Since then, reserves have been expanded systematically, the ministry said.

As a result, South Korea now holds the fourth-largest oil stockpiles among IEA member countries, providing a strong buffer against global energy supply shocks.

Copyright ⓒ Aju Press All rights reserved.