Saturday, September 14, 2019

"U.S. readies emergency oil reserves in wake of Saudi attacks"

From Reuters:
The Trump administration said on Saturday it stood ready to tap U.S. emergency oil reserves if needed after attacks in Saudi Arabia shut more than half the crude output in the world’s largest oil exporter.

Yemen’s Iran-aligned Houthis claimed responsibility for the attack that knocked out about 5 million barrels or 5% of global production, but U.S. Secretary of State Mike Pompeo put the blame squarely on Iran.

The Strategic Petroleum Reserve, managed by the Energy Department, is held in heavily-guarded underground caverns on the Texas and Louisiana coasts. The world’s largest oil reserve currently holds nearly 645 million barrels of oil, according to the department website, consisting of 395 million barrels of heavy sour crude and 250 million barrels of light sweet oil....MUCH MORE