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Trump authorized release of oil from Strategic Petroleum Reserve if needed to keep markets supplied
Published time: 15 Sep, 2019 22:03 Edited time: 15 Sep, 2019 22:17
US President Donald Trump has said he green-lighted the release of oil from the US strategic reserves and ordered to streamline pipelines’ approvals to keep the oil market “well-supplied” in wake of the attacks on Saudi Aramco.
The drone strikes on Saudi Arabia’s biggest largest Abqaiq oil processing plant and and another oil facility have cut the state-run oil giant’s daily production in half, sending Saudi stocks into a nosedive and sparking fears that oil prices can rise to triple-digits.
In a series of tweets on Sunday, Trump said that the US would draw from its oil reserves “if needed, in a to-be-determined amount sufficient to keep the markets well supplied,” adding that he “also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States.”
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
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