South Korea will release 22.46mn barrels of crude oil from its strategic petroleum reserves as part of a coordinated plan by members of the International Energy Agency to supply 400mn barrels to global markets, Yonhap News Agency reports.

Neighbouring Japan announced a similar move to release a portion of its own reserves late on March 11.

Seoul’s industry ministry confirmed the decision on March 12, shortly after the 32-member energy watchdog agreed unanimously to carry out the largest collective stock release in its history.

The move reflects growing concern that the conflict involving the United States, Israel and Iran could further disrupt global energy flows and push fuel costs higher for economies heavily dependent on imports.

Under the agreement, each country’s contribution is determined according to its share of total oil consumption among IEA member states. South Korea’s portion represents about 5.6% of the combined 400mn barrels scheduled for release.

A ministry official said Seoul believes that working closely with the IEA during the current situation will help ease volatility in the international oil market. The official added that authorities plan to coordinate with major economies to limit the impact of rising oil prices on domestic inflation and the broader economy.

In a statement, the IEA said emergency stockpiles would be released into the market according to each country’s national circumstances and timelines. Some member nations may also introduce additional emergency measures alongside the stock drawdown.

According to Yonhap News Agency, oil prices surged after the United States and Israel launched joint military strikes against Iran on February 28. Concerns over potential shipping disruptions through the Strait of Hormuz, a crucial maritime route that carries roughly one fifth of global oil supplies, intensified pressure on energy markets.

IEA Executive Director Fatih Birol said the scale of current market challenges is unprecedented, prompting member countries to respond with an equally unprecedented emergency action.

Birol added that because oil markets are global, major supply disruptions require a coordinated international response. Ensuring energy security remains the central mission of the IEA, he said, and the organisation’s members have demonstrated strong solidarity by taking decisive steps together.

The latest coordinated stock release marks the sixth in the agency’s history. The IEA was created in 1974 to help countries respond collectively to supply shocks. Previous joint releases took place in 1991, 2005, 2011 and twice in 2022.