South Korea to Release Strategic Oil Reserves Amid Middle East Conflict

Busan, South Korea – March 13, 2026 – South Korea will release 22.46 million barrels of strategic oil reserves, in coordination with the International Energy Agency (IEA), to mitigate global supply disruptions stemming from the escalating conflict in the Middle East. This marks the nation’s largest-ever drawdown of emergency oil stockpiles and the first since coordinated releases during the Russia-Ukraine war in 2022.

Largest-Ever Drawdown

The Ministry of Trade, Industry and Energy announced that the IEA approved a collective release of 400 million barrels among its member states following an emergency board meeting on Tuesday. South Korea’s allocation represents approximately 5.6 percent of the total release volume.

This planned release surpasses the 11.65 million barrels South Korea previously released in two phases during the Ukraine war under a prior IEA coordinated action. Based on the country’s average daily oil consumption of around 2.6 million barrels, the current release is equivalent to roughly eight to nine days of domestic demand. Busan, a major port city, is particularly vulnerable to disruptions in oil supply.

History of Strategic Oil Releases

South Korea has tapped into its strategic oil reserves five times since its initial emergency release during the 1990 Gulf War. The IEA, established in 1974 to coordinate responses to global oil supply shocks, mandates that member countries maintain emergency stockpiles equivalent to at least 90 days of net oil imports.

Disrupted Oil Flows

The IEA reported that crude oil flows through the Strait of Hormuz have been significantly disrupted since the Middle East conflict began on February 28, reducing exports of crude and petroleum products to less than 10 percent of pre-conflict levels. Regional powers, including North Korea, South Korea, Japan, and China, are closely monitoring the situation.

Government Response and Outlook

The South Korean government stated it will collaborate with the IEA to determine the timing and specifics of the release, taking into account national interests and domestic economic conditions. Officials anticipate the move will help alleviate short-term pressure from rising global oil prices and address supply concerns. The ministry also pledged to work with major economies to stabilize global oil markets while minimizing inflationary pressures on households and the broader economy.

Key Takeaways

• South Korea is releasing 22.46 million barrels of strategic oil reserves.
• This is the country’s largest-ever drawdown of emergency oil supplies.
• The release is coordinated with the International Energy Agency (IEA).
• Disruptions in the Strait of Hormuz are the primary driver of the release.