Seoul mulls timing of oil release amid concerns of supply crisis in August

Korea National Oil's strategic oil reserve complex in Seosan, South Chungcheong [YONHAP]

Korea is taking a cautious approach with the timing of its oil stockpile release under an agreement among International Energy Agency (IEA) members amid concerns there could be a global oil crisis in August, an official from the Ministry of Trade, Industry and Resources said Tuesday.

arlier this year, Seoul pledged to release 22.46 million barrels of oil from its strategic reserves by June 9 under a joint plan adopted by 32 member nations of the IEA as part of efforts to help address disruptions in oil markets sparked by the U.S.-Israeli war against Iran in late February.

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But Yang Ghi-wuk, deputy minister for trade, industry and resources security, told reporters in a regular press briefing that Seoul is trying to cautiously determine the timing of the release as the option should be used as a "final" card for the worst situation.