The South Korean government decided to sell part of its oil inventories from the strategic reserve in order to stabilize prices, as proposed by the United States, the country's foreign ministry said
MOSCOW (Pakistan Point News / Sputnik - 23rd November, 2021) The South Korean government decided to sell part of its oil inventories from the strategic reserve in order to stabilize prices, as proposed by the United States, the country's foreign ministry said.
Earlier, US President Joe Biden announced the release of 50 million barrels of oil from the strategic inventories in order to push prices down. The White House said that a number of other countries will follow suit, including China, India, South Korea, Japan and the UK.
"The government decided to take part in the joint release for sale of oil from strategic inventories, proposed by the United States," the ministry said.
The exact amount that is planned to be freed from the strategic reserves, the terms and method have not yet been indicated.
"The decision on the details, such as the volume and timing of the issue, is planned to be taken in the future through coordination with the United States and other friendly countries," the ministry said in a statement.
