The price of oil has fallen for a second straight week, amid plans for a massive emergency oil reserve release.
Member states from the International Energy Agency agreed this week to tap 60 million barrels of oil from strategic reserves, on top of a 180 million barrel release announced by the US last week.
This increases the supply of oil, while demand has currently slowed due to lockdown measures in 23 Chinese cities.
These lockdowns affect around 190 million people and represent nearly 20% of China’s Gross Domestic Product.
The price of Brent crude oil is currently at just above 100 dollars a barrel, from a high of around 135 dollars a month ago, due to Russia’s war in Ukraine.
A discussion on how the conflict in Ukraine has affected the price of oil in Africa:
