Korea Joins Unprecedented IEA Collective Action as Global Oil Supply Crisis Deepens

Government pledges close coordination with IEA to stabilize markets and protect consumer prices

In a March 11 press release, Korea’s Ministry of Trade, Industry and Resources (MOTIR) announced that the International Energy Agency (IEA) had decided at an emergency Governing Board meeting the same day to implement the Collective Action proposed on March 10 to release 400 million barrels of emergency oil stocks. Korea has been allocated 22.46 million barrels, or 5.6% of the total, for release. The IEA approved the largest coordinated stock release in its history to help ease the global energy supply crisis, which has been intensifying amid recent developments in the Middle East. National re