A map showing the Strait of Hormuz and 3D printed oil barrels are seen in this illustration taken on March 26. [REUTERS/YONHAP]
Korea will ease crude oil stockpiling requirements for the private sector as a step to fulfill its oil release pledge under a joint plan adopted by International Energy Agency (IEA) members, an official from the Ministry of Trade, Industry, and Resources said Thursday.
Starting Friday, the private oil refiners will be required to maintain oil reserves equivalent to a volume of 20 days of average domestic sales until further notice, said Yang Ghi-wuk, Deputy Industry Minister.
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Currently, the mandatory oil refiner stockpiling requirement is 40 days.
