Trump Authorizes Release of Oil from US Strategic Reserve

Andrew Cummings
September 16, 2019

President Donald Trump suggested Sunday the United States is prepared to respond with force after coordinated strikes on a major Saudi oil field, which disrupted more than 5 percent of the world's oil supply.

Attacks on Saudi Arabia's oil facilities may impact Aramco's valuation but are unlikely to derail the kingdom's plan to sell shares in the oil giant, according to the Eurasia Group.

"The United States Government is monitoring the situation and remains committed to ensuring global oil markets are stable and well supplied", the U.S. statement said.

"Investigations are ongoing to determine the parties responsible for planning and executing these terrorist attacks", Coalition spokesman Colonel Turki al-Malki said in a statement.

Iran's Foreign Ministry has dismissed the US accusation that it was behind an attack on Saudi Arabia's oil infrastructure the day before, calling it part of Washington's policy of "maximum lies". "Violent actions against civilian areas and infrastructure vital to the global economy only deepen conflict and mistrust", the White House said in a statement following a phone call between Trump and Saudi Crown Prince Mohammed bin Salman.

He added: "The United States will work with our partners and allies to ensure that energy markets remain well supplied and Iran is held accountable for its aggression".

And newly appointed Energy Minister Prince Abdulaziz bin Salman said part of the drop would be offset by drawing on vast storage facilities created to be tapped into in times of crises.

Iran on Sunday dismissed USA accusations it was behind drone attacks on Saudi oil installations, suggesting the United States was seeking a pretext to retaliate against the Islamic republic.

Other reports by iNewsToday