South Korea’s trade ministry said Thursday the country will release 22.46 million barrels of crude from its strategic petroleum reserves as part of a coordinated action by the International Energy Agency (IEA) to stabilize global oil markets amid disruptions linked to the Middle East conflict.

The IEA said its 32 member countries agreed on Wednesday to make a total of 400 million barrels of emergency oil stocks available to the market, the largest coordinated release in the agency’s history. South Korea’s share amounts to about 5.6% of the total and marks its largest contribution since the IEA began collective stock