The International Energy Agency Friday approved South Korea's accession to the body at a board of directors meeting.

South Korea will become a member of the international organization following domestic ratification of the accession.

Joining the Paris-based organization is expected to help the country deal with high oil prices and strengthen its participation in international efforts to jointly develop energy technologies.

Members of the international energy forum work together to confront oil supply emergencies, share energy information, coordinate energy policies and cooperate in the development of rational energy programs.

Launched in 1974 to counter the price shocks caused by oil producing countries, the IEA limits participation to Organization for Economic Cooperation and Development members.

Besides OECD membership, South Korea meets IEA requirements as it holds 90-days-worth of oil reserves. The 25-member body asked the country, the world's fourth largest oil consumer, last July to gain membership.