S. Korea urges G20 to be ready to act on oil prices

Call for action: South Korean Finance Minister Bahk Jae-wan has called on the G20 to show they are ready to take action on high oil prices

AP/SCANPIX

News Wires

 16 April 2012 03:01 GMT

South Korean Finance Minister Bahk Jae-wan has urged fellow G20 nations to send a strong message at this week's meeting in Washington that they are ready to take action on high oil prices, including releasing strategic oil reserves if necessary.

Reuters quoted an unnamed government source as previously saying South Korea would be prepared to join a possible coordinated release of strategic reserves although Bahk told reporters on Monday that it had not received a request.

Bahk was quoted as saying in a letter sent to G20 finance ministers and central bank governors: "we could send a stronger message that we stand ready to take every action possible, including commitments by major member countries to release their strategic oil reserves, if necessary."

In a finance ministry statement on Sunday, Bahk also…

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