The International Energy Agency has released a list of members' contributions to a 120 million barrel release of crude and petroleum products from emergency reserves to bring global oil prices down following Russia's invasion of Ukraine.

The IEA's US-allied members' coordinated stock release would be their second in a month and the sixth in the organization's history in response to oil market disruption.

The IEA comprises 31 countries, largely industrialized but not including Russia.

It is the most significant release from non-US IEA countries, surpassing the US's most significant departure.

Global oil prices are set to decline for the second consecutive week, with Brent sliding nearly $10 to below $100 a barrel since the United States announced its largest-ever oil reserve release in late March.

Prices reached 14-year highs last month as Western sanctions on Russia affected the world's second-largest crude exporter's crude and oil product supplies.

The IEA reported that members' obligations totaled 120 million barrels to be released over six months.

Along with the US's 60 million barrels, Japan, the second-largest provider, announced 15 million barrels.

Japan's Prime Minister Fumio Kishida stated that Russia's invasion of Ukraine was "unforgivable" and that the release would assist in bringing down oil prices.

"We cannot forgive the invasion and war crimes committed by it. We shall demonstrate our determination with serious action," He stated.

Russia claims to be carrying out a "special operation" in Ukraine.

At the end of January, Japan held around 470 million barrels of petroleum reserves, equivalent to 236 days of domestic consumption, in state reserves, refiner reserves, and a cooperative crude oil storage arrangement with producing countries.

New Zealand has indicated that it will contribute crude and diesel to the IEA's release.

"Our release is made up of around 184,000 barrels of crude oil held in Spain and close to 299,000 barrels of diesel held in the UK," Megan Woods, New Zealand's energy and resources minister, said.

"There has been a great deal of volatility in global oil markets since the invasion and this further action, coupled with the United States' move to release 180 million barrels of oil over the next six months, will help to provide some certainty to the market," she said.

South Korea, Germany, France, Italy, and the United Kingdom are other significant contributors.