Goldman Sachs said that the International Energy Agency's plan to release oil reserves could cause the price of oil to drop by $7 per barrel.

According to analysts at Goldman Sachs, the plan proposed by the International Energy Agency to release strategic reserves could potentially cause oil prices to drop by $7 per barrel, depending on how much oil is absorbed into the reserves. The bank estimates that the interruption of exports from the Persian Gulf could lead to a daily decrease in supply of approximately 15.4 million barrels. Goldman Sachs stated that, as reported by The Wall Street Journal, IEA member countries could release over 182 million barrels of oil, which would offset around 12 days of the aforementioned supply loss and reduce oil prices, assuming that half of the released oil is absorbed into the OECD's reserves rather than immediately entering the market.