🔶 Drop in oil prices following the G7 decision to release 100 million barrels of emergency reserves

🔶 Drop in oil prices following the G7 decision to release 100 million barrels of emergency reserves

Fatih Birol, Executive Director of the International Energy Agency, announced on Friday, October 2, that the price of oil began its downward trend following the decision to release 100 million barrels from oil and fuel reserves.

Member states of the Group of Seven (G7) reached an agreement on Friday to release 100 million barrels of diesel and crude oil from emergency reserves; an agreement welcomed by Donald Trump, President of the United States.

Trump is trying to curb the sharp rise in fuel prices that occurred due to the war with Iran.

Trump previously claimed that the United States would soon begin rebuilding and replenishing its strategic oil reserves.

"We will soon replenish our strategic reserves at almost no cost," he said without elaborating.