MoneyNews

US ready to allocate reserves to stabilize oil market

UNITED STATES, WASHINGTON (OBSERVATORY) — The U.S. Department of Energy is ready to set aside strategic reserves to stabilize the oil market after drone attacks at Saudi refineries, Reuters reported, citing a statement from the ministry.

The ministry “is ready to allocate resources from the strategic oil reserve, if necessary, in order to reverse any shocks in the oil markets,” the ministry said in a statement.

In addition, Secretary of Energy Rick Perry instructed his subordinates to work with the International Energy Agency (IEA) in search of necessary actions on a global market.

US strategic oil reserves are 630 million barrels of oil.

After a Saturday drone attack at a Saudi refinery, the kingdom temporarily halved production by about half, to 5 million barrels per day.

The United States condemned the attack, and Secretary of State Mike Pompeo directly accused Iran of it.

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