South Korea will release 22.46 million barrels of strategic petroleum reserves in the next three months.

The South Korean government and the ruling Democratic Party held a meeting on the 16th and agreed to release a total of 22.46 million barrels of strategic oil reserves in the next three months to alleviate the rise in oil prices caused by tensions in the Middle East. Democratic Party lawmakers, officials from the Ministry of Economy and Finance, and the Financial Services Commission held a special working group meeting that day to discuss measures to stabilize oil prices and energy supply. Participants agreed to gradually release 22.46 million barrels of strategic oil reserves to the market over the next three months, with specific details to be announced later this week. This plan is part of the International Energy Agency's release of oil reserves action.