US President Donald Trump has announced that the United States will buy a massive amount of crude to fill its strategic reserves in light of the low oil prices.
According to Reuters, Trump said: Based on oil prices ... I directed the Energy Secretary to buy, at a very good price, huge quantities of crude oil for storage within the strategic reserve of the United States ... we will fill it to the end.
A US Department of Energy official said that the Strategic Petroleum Reserve, stored in a chain of caves along the Texas and Louisiana coasts, can absorb up to an additional 77 million barrels of oil.
He did not mention how much oil will be bought for storage in the reserve, which currently has 635 million barrels.
Oil prices have collapsed to about $ 30 a barrel due to the decline in demand resulting from the spread of the Corona virus, and after Saudi Arabia and Russia launched a war at the beginning of the week, by pumping crude with maximum capacity.
