Oil Prices Fall on Ample Supply
Oil prices have fallen by more than two dollars per barrel, due to increased exports from the Middle East region and the activation of the coordinated emergency stockpiling plan by the G7 countries, which helped ease concerns about supply shortages. Brent crude dropped by 2.8% to reach $97.55 per barrel, while U.S. West Texas Intermediate declined by 2.4% to $87.28. Data showed an increase in oil flows from the Gulf, excluding Iran, to over 81% of pre-war levels, with 5.8 million barrels pumped through a Saudi pipeline, supporting market stability. Kuwait confirmed that it has restored its production to 75% of pre-war levels, while Saudi Arabia lowered the price for its light Arab crude for November shipments, indicating improved supply. The International Energy Agency's Governing Board is scheduled to announce details in mid-October of a drawdown of 100 million barrels from oil and diesel reserves, with assurances that no export restrictions will be imposed.
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