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Voxpress:

2026-10-03 14:53:18Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Oil prices have started to fall after the announcement by G7 member countries to make up to 100 million barrels of crude oil and petroleum products available over the next four months.

The head of the International Energy Agency (IEA), Fatih Birol, said that the decision to release reserves has already had an effect on international markets.

"We took a step forward for oil. 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," Birol declared.

 He added that he hopes the move will have a positive impact on both global markets and Turkey.

 The statements were made in Istanbul, during a press conference on the theme "Transforming Finance: Turkey on the Road to COP31", organized by the Banks Association of Turkey.

Following the G7 announcement, the price of Brent oil fell by 1.85%, settling at $100.42 per barrel.

US West Texas Intermediate (WTI) crude also fell, by 3.17%, to $89.93 per barrel.

The decision by the G7 countries to release reserves aims to increase oil supplies on international markets and ease pressure on energy prices.


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