South Korea has decided to release a total 3,467,000 barrels from its emergency reserve in coordination with the International Energy Agency, to help stabilize the global oil market, the Ministry of Knowledge Economy said Thursday.

According to an analysis conducted by the IEA, there have been concerns that the global oil supply could be disrupted in the near term due to the decrease in oil supply from the Middle East and North African countries, the Organization of Petroleum Exporting Countries' failure in coming to an agreement for a production increase and the rise in demand due to seasonal factors, the ministry said in a statement.

Though some OPEC nations, including Saudi Arabia , have plans to increase oil production, the amount seems "insufficient to meet the supply shortfalls," and the release of emergency oil reserves through global coordination appears to be the only solution, the statement said.

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