South Korea will release 22.46 million barrels from its strategic petroleum reserves, joining an international coordinated action led by the International Energy Agency (IEA) to ease the global energy supply crisis.
The Ministry of Trade, Industry and Energy announced on the 11th that "the IEA unanimously approved a collective action to release strategic reserves proposed at an emergency board meeting, and South Korea has been allocated 22.46 million barrels for release." Korea's allocation represents approximately 5.6% of the total collective action volume. The IEA determined each country's release volume based on its share of total member-state consumption.
This marks South Korea's largest-ever strategic reserve release. During the 2022 Russia-Ukraine war, Korea released only 11.65 million barrels in two rounds under IEA recommendations. Earlier, during the 1990 Gulf War, the country released 4.94 million barrels.
"The specific timing and volume of the release will be coordinated with the IEA Secretariat based on Korea's conditions and national interests," a ministry official said. "We believe this IEA international coordination will significantly contribute to stabilizing the global oil market."
Germany, Austria, Spain and other member states announced reserve release plans around the time of the IEA recommendation. Japan separately announced plans to release 15 days' worth of private reserves and one month of national reserves as early as the 16th.
"Reserves will be supplied to the market according to schedules suited to each member country's situation," the IEA said in a statement. "The release will proceed over a minimum of two months."
The IEA was established during the 1970s oil shocks to enable major oil-consuming nations to jointly respond to supply crises. It has 32 member countries including the United States, Japan, the United Kingdom, France, Germany, Canada, and Australia.
Member states moved swiftly because it remains unclear when free navigation through the Strait of Hormuz will resume. U.S. President Donald Trump declared that "the war is almost over," but Iran's Islamic Revolutionary Guard Corps (IRGC) has stated that "not a single liter of oil will pass through the Strait of Hormuz" and continues attacking vessels attempting transit.
According to Iran's semi-official Tasnim News Agency, the IRGC announced that "the Liberia-flagged Israeli vessel 'Express Room' was struck by Iranian projectiles and halted after ignoring IRGC warnings." A Thai-operated container ship, the 'Mayuri Nari,' was also reportedly shelled by Iran while attempting to cross the strait.
