In tweets, US President Donald Trump said the amount of oil released would be determined 'sufficient to keep the markets well-supplied'. FMTNews
Drone attacks on two Saudi Aramco oil facilities over the weekend knocked out half of the kingdom’s crude output, or about 5% of world supplies.
Saturday’s attacks on Saudi Arabia rattled oil markets at the open, with Brent crude rising US$11.73 a barrel, the biggest-ever intraday jump, to as high as US$71.95, before falling back to trade at US$67.79 a barrel at 6.14am in Singapore. Set up after the Arab oil embargo in the 1970s sent prices skyrocketing, the stockpile has previously been tapped in response to Operation Desert Storm in 1991, Hurricane Katrina in 2005, and Libyan supply disruptions in 2011.
“An SPR release, especially if coordinated with IEA action, would mitigate some of the spike in oil prices but would also depend on the ongoing and elevated geopolitical risk.”The emergency stockpile is stored in huge underground salt caverns along the US Gulf Coast.
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