Trump authorizes release of US oil reserves if needed because of Saudi attacks

Published: Updated:
Read Mode
100% Font Size
1 min read

US President Donald Trump said on Sunday he authorized the release of oil from the US Strategic Petroleum Reserve (SPR) if needed in a quantity to be determined because of Saturday's attack on Saudi Arabia’s oil facilities.

“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 on Twitter.

“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.”

RELATED: White House does not rule out Trump-Rouhani meeting after Saudi attacks

The United States has more than 640 million barrels of oil in reserve that could offset tighter supply as a result of the Saudi attacks.

Top Content Trending