Oil: the United States is demonstrating to counter the rise in prices

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After the attack on Saudi infrastructure, the US Minister of Energy highlights the "substantial amount of oil available."

US Energy Minister Rick Perry tried to curb the soaring oil prices on Monday triggered by an attack on oil facilities in Saudi Arabia, highlighting the "substantial amount of oil available."

"The market has a substantial amount of oil," insisted the minister, interviewed from Vienna, by CNBC.

He said it was "premature" for the moment to say whether to resort to US strategic reserves, while waiting for more precise information on the exact damage in the Saudi facilities.

According to the latest report from the US Energy Information Agency (EIA), the United States has 644.8 million barrels of oil in their strategic reserves.

As the name implies, they must allow the United States to face a severe shock supply of black gold. On Sunday, Donald Trump indicated on Twitter that he has authorized the use of these reserves when needed.

The United States is also producing 12.4 million barrels a day.

With regard to the production and the reserves available to the United States, Mr. Perry said: "Yes, there will be disturbances for a while. Yes, there will be an outbreak (prices), but not the devastating magnitude that would have been five years ago.

He pointed out that this incident demonstrated the need for the United States to equip itself with infrastructure to export its oil.

According to the EIA, the United States should export more energy (oil products and gas) than it imports in 2020.

In November 2018, for the first time in several decades, they exported more petroleum products than they imported. But it only lasted a week.



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