G7 Agrees to Release 100 Million Barrels of Oil Reserves

The Group of Seven (G7) nations has agreed to release up to 100 million barrels of crude and diesel reserves over four months, according to a video conference hosted by French President Emmanuel Macron on Friday.

This move is aimed at stabilizing global oil markets. The West Texas Intermediate for November delivery lost $1.76 per barrel, or 1.9%, to settle at $91.11 per barrel on the New York Mercantile Exchange. Brent crude for December delivery decreased by 6 cents, or 0.06%, to settle at $102.25 per barrel on the London ICE Futures Exchange.

The release of strategic oil reserves is a coordinated effort between G7 members, including the US and European countries. This move comes as global oil prices have been rising due to concerns over supply disruptions and geopolitics.