G7 Releases 100 Million Barrels of Oil in Bid to Lower Prices

The G7 has announced that it will release up to 100 million barrels of crude oil and petroleum products on the market over the next four months. This move aims to increase oil supplies and ease pressure on energy prices.

According to Fatih Birol, the head of the International Energy Agency (IEA), the decision has already had an effect on international markets. 'We took a step forward for oil,' he said. 'We held a meeting with world leaders and announced that we will start making 100 million barrels of oil available again. Prices are starting to fall.'

The price of Brent oil has fallen by 1.85% to $100.42 per barrel, while US West Texas Intermediate (WTI) crude has dropped by 3.17% to $89.93 per barrel.