South Korea to release 3.17 million

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South Korea has decided to release 3.17 million barrels of oil reserves from January to March next year in a coordinated global effort to stabilize prices and boost economic recovery, the Ministry of Industry, Trade and Energy said on Thursday.

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The decision comes a month after the country agreed to participate in a joint oil reserve release in response to a request from the United States.Aside from the stabilization of oil prices This latest release is expected to help resolve uncertainties in refinery supply. and prevent supply disruptions amid rising demand for petroleum products during the winter," Deputy Minister Park Ki-young said.

Of the 3.17 million barrels, or 3.3 percent of the total 97 million barrels of oil reserves, 2.08 million barrels of crude oil will be released to local refineries through lease agreements. An additional 1.09 million barrels of petroleum products will be issued through the auction process.The United States last month said it would release 50 million barrels, while India pledged 5 million.