South Korea has decided to add 1.82 million barrels of crude and oil products to its strategic oil reserves this year, taking advantage of lower oil prices, said a Ministry of Trade, Industry and Energy source Tuesday. The 2016 purchases will boost the country’s total strategic oil reserves to 94.42 million barrels, given the current holding of 92.6 million barrels. Last year, it added 839,000 barrels to the strategic reserves. South Korean plans to buy 1.67 million barrels of crude and 153,000 barrels of gasoline to add to the reserves this year, the source said.
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