The South Korean industry ministry on Friday said it would release 7.23 million barrels of strategic crude reserves, in addition to its recent commitment of 4.42 million barrels, to help bring down high energy prices amid the ongoing Russia-Ukraine conflict, Yonhap News Agency reported.

On April 1, the 31 member nations of the International Energy Agency (IEA) agreed to release 120 million barrels of oil from their emergency reserves to buffer the impact of the conflict. 

The agency confirmed on Thursday that it would be the largest stock release in IEA history.