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South Korea Cuts Mandatory Private Oil Reserves to 20 Days Starting May 29

GateNews

2026-05-29 01:51:47

According to Jin10, South Korea's government will reduce mandatory private oil reserves from 40 days to 20 days starting May 29, releasing approximately 20 days' worth of supply into the market. The move, announced by Industry Minister Liang Jixiong, aims to fulfill commitments made to the International Energy Agency. The government has not yet decided on releasing its national strategic petroleum reserves, keeping them as a contingency measure for potential energy crises.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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