South Korea will release crude oil from its strategic petroleum reserve in a joint effort with the US to cool rising oil prices and tame consumer inflation, according to the Ministry Of Foreign Affairs and the Ministry of Trade, Industry and Energy. The South Korean government will join the US-led plan to release SPR, considering the need for international coordination to curb rising oil prices, as well as the importance of the South Korea-US alliance and partnership between major global economies, the ministries said in a joint statement Nov. 24. However, the MOTIE and the foreign ministry did not provide specific ... (full story)