Seoul: The government has announced an expansion of the country's oil reserves to 100 million barrels to enhance its readiness for potential global oil supply disruptions, as stated by the industry ministry.
According to Yonhap News Agency, the Ministry of Trade, Industry and Resources confirmed the arrival of the last oil tanker carrying strategic petroleum reserves this year, which has raised the government's total oil stockpile to 100 million barrels. In addition, the private sector maintains a separate reserve of 95 million barrels.
South Korea now holds sufficient oil stockpiles to last for at least 210 days, making it the fourth-largest reserve among the member states of the International Energy Agency. The ministry emphasized the reserves' adequacy in effectively countering global oil supply disruptions and pledged ongoing efforts to strengthen the nation's energy security.