Govt. expands natl. oil reserves to 100m barrels to better manage petroleum supply

The government has expanded the country’s oil reserves to 100 million barrels as part of efforts to boost its response capabilities to possible global oil supply disruptions, the industry ministry said Monday.

With the arrival of the last oil tanker carrying strategic petroleum reserves this year, the government’s total oil stockpile has reached 100 million barrels, according to the Ministry of Trade, Industry and Resources. The private sector separately holds a combined 95 million barrels of petroleum reserves.

South Korea now possesses oil stockpiles sufficient for at least 210 days, the fourth-largest amount among member states of the International Energy Agency.

The ministry said the reserves are sufficient to effectively respond to any global oil supply disruptions, vowing continued efforts to bolster the country’s energy security. (Yonhap)

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