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2026-05-29 09:50:55
[South Korean Government Decides to Release Private Oil Reserves] South Korean government officials said on the 28th that the government has decided to relax oil reserve requirements for private companies starting from the 29th, releasing private oil reserves into the market. The country has not yet decided when to release national oil reserves, reserving them as a "last resort" to deal with a potential oil crisis. Yang Ki-wook, an official from the Ministry of Trade, Industry and Energy, announced that starting from the 29th, the government will reduce the mandatory oil reserve requirement for private oil companies from 40 days to 20 days, releasing the equivalent of 20 days' worth of oil reserves. He stated that this measure is to fulfill commitments made to the International Energy Agency. (Xinhua)
