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S. Korea to expand oil stockpile amid price decline

All News 17:08 April 09, 2020

SEOUL, April 9 (Yonhap) -- South Korea's state-run oil firm said Thursday it plans to purchase more crude and other oil products this year by taking advantage of the falling global price of oil.

South Korea will purchase 640,000 barrels of petroleum products this year, higher than the earlier planned amount of 360,000 barrels, according to the Korea National Oil Corporation.

More specifically, KNOC plans to buy 490,000 barrels of crude oil and 150,000 barrels of diesel for strategic reserves.

The value of the purchase will be some 31.4 billion won (US$25.7 million).

Global crude prices have plunged to their lowest level in decades amid the growing tension between Saudi Arabia and Russia and concerns over the economic fallout from COVID-19 outbreak.

South Korea plans to secure a total of 100.7 million barrels of oil by 2025 under its energy blueprint.

As of last year, South Korea's oil reserves reached 96.5 million barrels, which is more than 95 percent of the target.

S. Korea to expand oil stockpile amid price decline - 1


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