Aramco

US President, Donald Trump, stated he has authorized the use of the national Strategic Petroleum Reserve with the aim to stabilize oil markets in the wake of Saudi Aramco attacks.

“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 sufficient to keep the markets well-supplied,” the US president stated in his Twitter account.

“I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States,” Trump added.

Earlier, US President Donald claimed that the US has “reason to believe that we know the culprit,” noting that Washington is “locked and loaded depending on verification” and is waiting to “hear from the Kingdom as to who they believe was the cause of this attack.”

In the early hours of Saturday, two Saudi Aramco plants, in Abqaiq and Khurais, were attacked, leading to fires and production suspension of 5.7 million barrels of crude oil per day, which is about half of Saudi Arabia’s total daily production.

Yemeni Houthi rebels from the Ansar Allah movement have claimed responsibility for the incident.

Saudi Arabia, which accounts for about 10% of the total global oil supply, said it was working on restoring full output. Some media reports have claimed that repair work could take weeks. Meanwhile, the kingdom, which is the world’s largest oil exporter, is relying on its storage to maintain regular exports.

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Following the incident, US Secretary of State Michael Pompeo accused the Iranian authorities of being behind these attacks, saying there were no evidence they had originated from Yemen.

However, The Iranian foreign ministry dismissed Pompeo’s allegations as groundless.

U.S. Senator Lindsey Graham of South Carolina has called on the U.S. administration to send a message to Iran by bombing the Islamic Republic’s oil refineries.

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