Trump Says Authorizes Release Of Oil From Emergency Reserve If Needed For Market Stability

Sumaira FH Published September 16, 2019 | 03:20 AM

MOSCOW (UrduPoint News / Sputnik - 16th September, 2019) US President Donald Trump says he has given the green light to the release of oil from the emergency storage, the Strategic Petroleum Reserve (SPR), if it is required to stabilize the market after attacks on major Saudi Arabian oil facilities.

"Based on the attack on Saudi Arabia, which may have an impact on oil prices, I have authorized the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount sufficient to keep the markets well-supplied. I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States," Trump wrote on Twitter.

In the early hours of Saturday, two Saudi Aramco plants, in Abqaiq and Khurais, were attacked, leading to fires and production suspension of 5.7 million barrels of crude oil per day, which is about half of Saudi Arabia's total daily production.