The South Korean government has decided to release 22.46 million barrels of oil reserves.

On the early morning of March 12 local time, the South Korean government announced that it would release 22.46 million barrels of oil reserves in response to the International Energy Agency's 400 million barrel oil supply plan. According to South Korean sources, as of the end of February, South Korea had a total of 100 million barrels of crude oil reserves, which can secure 208 days of domestic oil supply, ranking sixth globally. In response to the recent global rise in oil prices, the South Korean government is implementing price control measures, leading to a slight decrease in market supply prices after the initial increase.