Seoul: The South Korean government is actively participating in discussions with the International Energy Agency (IEA) regarding the agency's proposal to release strategic oil reserves to stabilize escalating oil prices, as confirmed by officials on Wednesday.

According to Yonhap News Agency, officials at the Ministry of Trade, Industry and Resources in Seoul have verified the country's involvement in these discussions following media reports. The IEA has reportedly suggested the largest-ever release of oil reserves to its 32 member countries, including South Korea.

The Wall Street Journal reports that IEA members are anticipated to reach a decision on the proposal in an extraordinary meeting soon. A ministry official stated that South Korea is significantly engaged in the talks concerning a coordinated release of strategic oil reserves by the IEA.

South Korea currently maintains approximately 1.9 billion barrels of oil reserves, sufficient for over 200 days. However, a decision regarding the volume of oil to be released from these reserves is yet to be made pending the IEA's resolution.

Historically, the Seoul government has released its strategic oil reserves five times since 1990, always through international coordination. These releases occurred during major global events, including the 1991 Gulf War, the 2011 Libya crisis, and the outbreak of the Russia-Ukraine War in 2022.