🔶 Oil prices fall following the G7 decision to release 100 million barrels from emergency reserves

Fatih Birol, the executive director of the International Energy Agency, said on Friday, October 2, that oil prices began trending downward after the decision to release 100 million barrels from oil and fuel reserves.

The G7 member countries agreed on Friday to release 100 million barrels of diesel and crude oil from emergency reserves; an agreement that was met with Donald Trump, the president of the United States.

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

Trump had previously claimed that the United States would soon begin restoring and refilling its strategic oil reserves.

Without providing further details, he said: “We will fill our strategic reserves almost at no cost soon.”