Oil prices slip as G7 plans reserve release

Oil prices slipped on Monday after crude exports from the Middle East rose above pre-war levels, while the Group of Seven nations pledged to release 100 million barrels of crude and diesel from emergency reserves.

Brent crude futures fell by $1.20, or 1.17 per cent, to $101.05 a barrel, while West Texas Intermediate crude declined by $1.16, or 1.27 per cent, to $89.95 per barrel, according to Reuters.

Middle Eastern crude exports exceeded pre-war levels on four of the seven days in the final week of September, shipping data showed, despite attacks on vessels passing through the strategic Strait of Hormuz.

The increase in exports, combined with the G7’s planned release of emergency stocks, helped put downward pressure on crude prices.

The G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves and pledged to refrain from energy export restrictions following pressure from United States President Donald Trump.

However, the scale of the additional supply remained uncertain.

IEA Executive Director, Fatih Birol, said last week that member countries had already released about two-thirds of the 400-million-barrel volume.

Meanwhile, supply concerns remained elevated as fighting continued across parts of the Middle East.

• Energy concerns deepen as Iran insists on Hormuz closure
• G7 oil release set to ease diesel pressures
• Oil prices slip below $100 as Iran talks advance

Saudi Aramco Chief Executive Officer, Amin Nasser, also warned that crude oil and refined fuel supplies were expected to remain stretched.

He said rebuilding global stockpiles after emergency withdrawals could take two years.

The United States Strategic Petroleum Reserve fell to 283 million barrels last week, its lowest level since October 1982, according to data from the US Department of Energy.

The supply outlook was further complicated by the continuing conflict involving Saudi Arabia and Iran-backed Houthi forces in Yemen.

Yemeni government forces attacked Houthi positions in the Dhubab district overlooking the Bab el-Mandeb Strait on Monday, according to two military sources.

The development came a day after the internationally recognised government launched a campaign to retake Houthi-held territory.

Meanwhile, OPEC+ postponed a review that would determine its 2027 oil output quotas after the war involving Iran disrupted projects aimed at expanding production capacity across the Middle East.

Akinlotan is a journalist at Punch Newspapers with over eight years of experience reporting on politics, social justice, motoring, railways, and aviation. His work focuses on accountability, public interest, and social change, producing stories that inspire reform and amplify underrepresented voices. Akinlotan’s reporting reflects extensive newsroom experience, editorial insight, and a strong commitment to accurate, impact-driven journalism.