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Global oil prices drop after G7 decision
Global oil prices declined today, Monday, due to increased oil exports from the Middle East and the G7 countries' agreement to withdraw 100 million barrels from emergency reserves, which boosted the supply of oil in the market. Despite concerns over the impact of tensions with Iran on the energy infrastructure in the Gulf, Brent crude fell to $101.90 per barrel, and West Texas Intermediate dropped to $90.49, with the benchmarks losing most of their weekly gains. This comes after oil exports from the region reached levels surpassing pre-war figures during the last week of September, despite attacks on ships in the Strait of Hormuz. Additionally, the OPEC+ coalition's meeting to review production quotas for 2027 has been postponed, due to the disruption caused by the American-Israeli war on Iran’s expansion projects.
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