Government to Release 22.46 Million Barrels of Oil Reserves... Joins IEA Coordinated Reserve Release
by Kang Nahum
Published 11 Mar.2026 23:50(KST)
Updated 12 Mar.2026 08:09(KST)
IEA to Release 400 Million Barrels Amid Worsening Middle East Situation
Largest Volume Since the Gulf War
Exceeds Korea’s Release During the 2022 Russia-Ukraine Conflict
The government will supply approximately 22.46 million barrels of its oil reserves to the market in accordance with the International Energy Agency (IEA)'s decision for a coordinated release of strategic reserves. This measure is part of international cooperation amid growing concerns over global energy supply instability due to worsening conditions in the Middle East.
The Ministry of Trade, Industry and Energy announced on the 11th that the IEA had approved a "Collective Action" to release a total of 400 million barrels of strategic oil reserves to the market at an emergency board meeting held in Paris.
The IEA decided on this measure as it judged that a joint response from member countries was necessary due to the growing uncertainty in international oil supply caused by heightened tensions in the Middle East. The scale of this release is the largest in the IEA's history.
The quantity to be released by each country was allocated based on each member country's share of total oil consumption. As a result, Korea was allocated 22.46 million barrels, representing 5.6% of the total 400 million barrels.
This is the largest release since Korea supplied approximately 4.94 million barrels during the Gulf War in 1990. It also surpasses the total of 11.65 million barrels released by Korea in two rounds under the IEA’s initiative during the Russia-Ukraine war in 2022.
This coordinated release of reserves by the IEA is being implemented for the first time in about four years since the Russia-Ukraine war. At that time as well, IEA member countries cooperated to supply strategic reserves to the market, helping to mitigate the sharp rise in international oil prices.
The government plans to determine the actual timing and method of the release in consultation with the IEA Secretariat, taking into consideration the domestic supply situation and national interests.
A government official stated, "We expect that close cooperation with the IEA will contribute to stabilizing the international oil market," adding, "We will work together with major countries to minimize the burden on the national economy and the cost of living for citizens amid high oil prices caused by the situation in the Middle East."
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