Cars wait to gasoline up at a gasoline station in Seoul, Dec. 21. Yonhap
The federal government has expanded the nation’s oil reserves to 100 million barrels as a part of efforts to spice up its response capabilities to potential world oil provide disruptions, the trade ministry stated Monday.
With the arrival of the final oil tanker carrying strategic petroleum reserves this yr, the federal government’s whole oil stockpile has reached 100 million barrels, based on the Ministry of Commerce, Trade and Assets. The non-public sector individually holds a mixed 95 million barrels of petroleum reserves.
Korea now possesses oil stockpiles enough for a minimum of 210 days, the fourth-largest quantity amongst member states of the Worldwide Vitality Company.
The ministry stated the reserves are enough to successfully reply to any world oil provide disruptions, vowing continued efforts to bolster the nation’s power safety.
