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Trump authorizes use of emergency oil reserve after attacks on Saudi

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Washington | September 16, 2019 5:11:29 AM IST
US President Donald Trump on Sunday announced that he has authorised the use of the US's emergency oil reserve after a series of drone strikes on Saudi Arabia oil factories disrupted the country's crude output.

"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," Trump said in a series of tweets.

"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," he added.

The Strategic Petroleum Reserve is the world's largest crude oil stash. It is established in the 1970s in the Arab oil embargo and is located on the US Gulf Coast. It has been used plenty of time during the first Gulf War in 1991; after Hurricane Katrina hit in 2005; and following supply chain disruptions in Libya in 2011, reported The Hill.

Trump's decision comes a day after the drone attack on two Saudi Aramco factories by Yemen Houthis which led to a huge fire at the world's largest oil processing facility and affected the production of 5.7 million barrels of crude oil.

Though Yemen Houthis have taken the responsibility of the attack, Us has blamed Iran saying there is no evidence that drone was launched from Yemen.

Trump said that the US knows who the "culprit" is but is waiting from the Kingdom to confirm it.

"Saudi Arabia oil supply was attacked. There is a reason to believe that we know the culprit are locked and loaded depending on verification but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed!," he tweeted.

Following the attacks on two Saudi oil factories, President Donald Trump on Saturday held a telephonic conversation with Saudi Crown Prince Mohammed bin Salman and affirmed that his administration is monitoring the situation.

Trump offered the administration's support for "Saudi Arabia's self-defence" and condemned the attack on "critical energy infrastructure". (ANI)

 
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