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South Korea Considers SPR Release if Middle East Conflict Escalates

OIL

South Korea could release oil from its strategic petroleum reserve if there is an escalation of the Israel-Hamas conflict to other parts of the Middle East according to Korea National Oil Co.

  • KNOC has formed a group of five teams responsible for monitoring and responding to the rising geopolitical risks according to Bloomberg. Including considering an SPR release and checking crude import plans.
  • The status of nine storage sites holding crude oil, products and LPG is to be checked. In June the storage was 96mbbls, excluding international joint stockpiling volumes, compared to capacity of 146mbbls.

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