Oil prices slipped on Monday after a rise in Middle Eastern crude exports coincided with a pledge by the Group of Seven (G7) nations to release 100 million barrels of oil from their emergency strategic reserves.
The price decline came as data showed an increase in shipments of crude from the Middle East, a region that supplies a significant share of the world’s oil market. Analysts noted that the higher export volumes added to global supply, exerting downward pressure on benchmark prices.
In response, the G7 – a coalition of the world’s leading industrialised economies – announced a coordinated plan to tap 100 million barrels from their collective emergency reserves. The move is intended to bolster market confidence and help stabilise prices amid the recent supply surge.
Market observers said the combined effect of the increased Middle Eastern output and the G7’s reserve release plan contributed to the modest pull‑back in oil prices observed on Monday.
While the price dip was noted across major benchmarks, the G7’s intervention underscores the group’s ongoing role in managing volatility in the global energy market.
<small>Source: Punch Nigeria — read the original story there.</small>