South Korea to increase oil output
South Korean Ministry of Trade, Industry and Energy announced on Saturday that it will increase the oil output, according to the Yonhap news agency.
The Ministry of Trade, Industry and Energy, in agreement with the International Energy Agency (IEA), will be releasing 4.42 million barrels of oil reserves. The decision was made due to a sudden surge in oil prices, caused by the Ukraine-Russia conflict.
“The decision aims to seek stability in the energy market both at home and abroad, and to express our solidarity with the U.S. and other member nations by sending a message that energy resources cannot be used as a geopolitical tool,” stated ministry officials. Oil and gas prices have been reaching new highs in the last couple of days, as sanctions against Russia sharpened.
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