G7 Unleashes 100 Million Barrels of Oil onto Market

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

According to International Energy Agency (IEA) head Fatih Birol, the move has already had an effect on international markets, causing oil prices to fall. '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%, settling at $100.42 per barrel, while US West Texas Intermediate (WTI) crude also fell, by 3.17%, to $89.93 per barrel.