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….
— Donald J. Trump (@realDonaldTrump) September 15, 2019
….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.
— Donald J. Trump (@realDonaldTrump) September 15, 2019
Amid the attacks on Saudi Arabia’s largest oil-producing facility on Saturday, the U.S President Trump has decided to release oil from the strategic reserves. The President tweeted that the move is taken to ensure that the market is well supplied by oil in the aftermath of the attacks which has affected the demand-supply cycle. Post-attacks the surge in oil prices to the tune of 10% has been witnessed.
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