The International Energy Agency(IEA) has formally approved the release of 60 million barrels of strategic oil reserves to help bring down energy prices fueled by Russia's invasion of Ukraine.

Seoul's Minister of Trade, Industry and Energy Moon Sung-wook took part in an IEA ministerial meeting held in Paris on Wednesday and Thursday to discuss countermeasures, the ministry said on Friday.

As previously agreed, South Korea will release four-point-42 million barrels of its reserves.

Brazil and Canada will each ramp up domestic production by 300-thousand barrels a day by the end of this year to help stabilize prices.

Member countries adopted a joint declaration urging concurrent efforts on energy security as well as carbon neutrality.

Minister Moon said that securing stable supply chains of key minerals is directly related to energy security, adding that South Korea will also share any pertinent knowledge and experience and actively cooperate with IEA members.