The government will release seven-point-23 million barrels from the nation's strategic oil reserves, in addition to its earlier pledge to release four-point-42 million barrels last month.

The Ministry of Trade, Industry and Energy said on Friday that it made the decision on the additional release in consultation with the International Energy Agency(IEA).

The government made the move as part of a global effort to bring down soaring energy prices and relieve the global supply shortage amid the war between Russia and Ukraine.

In the meeting of the IEA board members last Friday, the United States proposed a collective release of 120 million barrels of oil from the emergency reserves of the member states.

In the meeting, South Korean trade minister Moon Sung-wook said South Korea would join the collective release.

The United States will contribute about half of the 120 million barrels, while Japan will release 15 million barrels. The seven-point-23 million barrels committed by South Korea is the third largest amount among the 31 IEA member states.