Oil prices drop in a rapid sell-off amid potential G7 supply increase of 400 million barrels

Oil prices plummeted after the G7 and the International Energy Agency confirmed a coordinated release of oil reserves. The price of crude fell by about $15 per barrel within two hours, dropping below $104.

The total amount to be released is 400 million barrels from strategic reserves, representing the largest coordinated intervention in the history of the energy market. This amount accounts for nearly 30% of the emergency stockpile held by the International Energy Agency, which totals 1.2 billion barrels.