Premature to say whether U.S. strategic petroleum reserve is needed: energy secretary

Source: Xinhua| 2019-09-17 02:37:18|Editor: Mu Xuequan
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WASHINGTON, Sept. 16 (Xinhua) -- U.S. Secretary of Energy Rick Perry said on Monday that it's premature to say whether the United States will need to use its Strategic Petroleum Reserve (SPR) following weekend attacks on Saudi Arabian oil production facilities.

"I think we're yet a little premature in making in comments on ... whether or not the SPR's going to be needed until we get a real handle on the length of time that this facility is going to be down," Perry told CNBC in an interview.

"I think the Saudis are already saying that they're going to be able to get a third of this production back before the closing of business today," Perry said. "I want to be really clear that the market out there has a fairly substantial amount of oil available."

Perry's remarks came after U.S. President Donald Trump said on Sunday that he has authorized the release of oil from the Strategic Petroleum Reserve to offset the surge in oil prices.

"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," Trump tweeted.

The drone attacks on Saturday, for which Yemen's Houthi rebels have claimed responsibility, targeted Saudi state-owned oil company Aramco's facilities in Abqaiq in Eastern Province and the Hijrat Khurais oilfield.

According to Aramco, after Saturday's attacks, Saudi Arabia saw production cut by 5.7 million barrels, or about 50 percent of the company's daily production.

Oil prices had surged following attacks on Saudi Arabian oil production facilities that triggered global concerns over oil supplies.

Brent crude futures rose about 8.7 percent to 65.49 U.S. dollars a barrel in early European trading on Monday, while U.S. oil futures climbed about 8 percent to 59.26 dollars a barrel, The Wall Street Journal reported.

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