The government will release four-point-42 million barrels from the nation's strategic oil reserves in a bid to bring down soaring energy prices and relieve the global supply shortage amid Russia's invasion of Ukraine.

The energy ministry said on Saturday that the decision was made through consultations with the International Energy Agency(IEA). Member states earlier agreed to release a collective 61-point-71 million barrels, 30 million of which will come from the U.S. reserves.

The IEA forecasts supply shortages stemming from shipping route disruptions in the Black Sea region, Russia's exclusion from the SWIFT global payment system and controlled output by OPEC Plus.

Seoul previously released over three million barrels from its reserves last December upon request by Washington in the wake of high energy costs.

The ministry estimates that the nation will still have enough volume in its reserves to last over 90 days without imports.