The International Energy Agency(IEA) has decided to release 60 million barrels from its oil reserves to help stabilize oil prices amid their continuing hike following Russia’s invasion of Ukraine.

The 31 IEA member states, including South Korea, reached the agreement during a video conference on Tuesday.

The IEA hoped the measure will send a strong, unified message to the international oil market that there will be no supply disruption despite the invasion.

It marks the first time that the IEA members agreed to release oil reserves since 2011 and only the fourth time such a measure has been implemented since the agency institutionalized the emergency release system in 1974.

The planned release is estimated to be up to 15 times as much as Russia’s daily oil exports of four to five million barrels. Around half of the amount will be released by the U.S.

Meanwhile, the IEA plans to consider additional releases if necessary. Brent crude futures jumped 9 percent to one-hundred-six dollars and 77 cents, the highest level since July of 2014, while U.S. West Texas Intermediate crude futures also rose to the highest since June of 2014 at one-hundred-five dollars and 61 cents.