US President Donald Trump Allows Oil Release
Washington: US President Donald Trump announced that he has authorized the release of oil from the Strategic Petroleum Reserve following the recent drone attack against two oil facilities in Saudi Arabia. “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,” Xinhua news agency quoted Donald Trump as saying in a tweet on Sunday. “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,” the President added. Saudi Arabian Energy Minister Abdulaziz bin Salman Al Saud announced on Sunday that the attack caused temporary suspension of production at targeted oil plants. Saudi Arabia saw production cut by 5.7 million barrels, or about 50 per cent of the company’s daily production. (IANS)