Trump allows oil release from Strategic Petroleum Reserve

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 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.
Trump;s announcement comes after the attack on Saturday, which was carried out by 10 unmanned aircraft, hit the Hijra Khurais – one of Saudi Arabia’s largest oil fields, producing about 1.5 million barrels a day – and Abqaiq, the world’s biggest crude stabilization facility, which processes seven million barrels of Saudi oil a day, or about 8 per cent of the world’s total output.
The attack that disrupted about half of the Kingdom’s oil capacity, or 5 per cent of the daily global oil supply, has raised global concerns over oil supplies.
Saudi Arabian Energy Minister Abdulaziz bin Salman Al Saud announced on Sunday that the attack caused temporary suspension of production at targeted oil plants.