In the wake of the recent attack on Saudi Arabia oil facilities, US President Donald Trump has declared that he has authorised the release of oil from its reserve to keep oil prices under control. Taking to microblogging site Twitter, the US President also suggested that America “knows the culprit” behind the attack on Saudi Arabia 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....” tweeted the US President.
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
Notably, the Strategic Petroleum Reserve is the world's largest crude oil stash.
Trump further said that the US was awaiting confirmation from Saudi Arabia on who they suspect to be behind the attack on oil facilities, following which the further course of action would be determined.
Saudi Arabia oil supply was attacked. There is 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!
— Donald J. Trump (@realDonaldTrump) September 15, 2019
He tweeted, “Saudi Arabia oil supply was attacked. There is 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!”
According to news agency Reuters, oil prices have surged to six-month high after the attacks knocked out 5% of global oil supply. The report said that US crude futures jumped 15% to the highest since May. It was last at $60.89 a barrel while Brent crude was up 13% at $68.06 after earlier rising to $71.95.
The US has blamed Iran for the attack on oil facilities in Saudi Arabia while it has ruled out possibility of Yemeni involvement. “Tehran is behind nearly 100 attacks on Saudi Arabia while Rouhani and Zarif pretend to engage in diplomacy,” said US Secretary of State Mike Pompeo.
The allegations have, however, been dismissed by Iran.
