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World

Web Desk
September 16, 2019

Trump authorises release of oil from US reserves after Saudi attack

World

Web Desk
Mon, Sep 16, 2019

WASHINGTON: President Donald Trump took a big step on Sunday to  authorize the release of oil from US strategic reserves after drone attacks on Saudi Arabia's Abqaiq plant - the world´s largest oil processing facility -  that disrupted output.

Trump, in his tweet, wrote: "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." 

On the other hand , Saudi Arabia has also raced  to restart operations at oil plants hit by drone attacks which slashed its production by half, 

On Sunday, it was  reported that Aramco will dip into its reserves to offset the disruption, but the incident could affect investor confidence as its stock market debut looms.