The International Energy Agency (IEA) has decided to release more oil from its strategic reserves to try to halt the price hike caused by the Russian-Ukrainian war that started on February 24.

While it did not reveal the quantity to be made available, the IEA said in a statement that the first shipment should hit the market "early this week."

The information was made public after an extraordinary ministerial meeting, which was held by videoconference.

The ministers highlighted that the Russian-Ukrainian armed conflict "continues to cause significant tension in oil markets. According to officials, it generates increased price volatility" while reserves are "at their lowest level since 2014."

This decision by the IEA was released after the United States announced the release of one million barrels of oil per day from the country's strategic reserve for six months in an attempt to curb rising prices. The measure represents a total of 180 million barrels.

Last month, the IEA countries promised to release some 62.7 million barrels of their reserves to the market, stressing that they could go further.

The members of the IEA, which brings together 31 countries including the United States, Japan, Germany, France, Italy and the United Kingdom, have, in total, reserves of 1.5 billion barrels.

The Russian invasion of Ukraine has caused a sharp rise in the price of oil, when the producing countries continue to restrict their supply.

OPEC+ members have so far refused to increase production significantly to ease the market, limiting themselves to a gradual increase of 400,000 barrels per day each month.