City
Epaper

Will look into halting oil import from Saudi Arabia, says Trump

By ANI | Updated: April 21, 2020 06:00 IST

US President Donald Trump on Monday said that his administration will look into halting oil imports from Saudi Arabia after oil prices in the United States plummeted into negative.

Open in App
US President Donald Trump on Monday said that his administration will look into halting oil imports from Saudi Arabia after oil prices in the United States plummeted into negative.

"We'll look at it," Trump said on Monday when asked if the United States will block Saudi oil shipments into the United States after prices went negative earlier in the day.

Trump also announced that he is planning to add as much as 75 million barrels of oil to the nation's strategic petroleum reserve as the oil prices crashed due to the coronavirus pandemic.

United States oil prices plunged to negative for the first time in history as the demand for energy collapsed in the backdrop of coronavirus pandemic.

With space to store oil scarce, US benchmark West Texas Intermediate for May delivery crashed 300 per cent on Monday and ended trading at -$37.63 a barrel.

Brent crude, the global benchmark for oil, is trading around USD 26 a barrel, having plummeted by as much as 70 per cent since the start of January as coronavirus lockdowns have destroyed global demand in crude, Al Jazeera reported.

( With inputs from ANI )

Tags: Donald TrumpAl Jazeera
Open in App

Related Stories

InternationalIran Faces 8pm Deadline From the US: White House

InternationalUS Official Confirms Strike at “Dozens of Military Targets” on Iran’s Kharg Island: Report

InternationalIran Formally Rejects US Ceasefire Proposal, Presents 10-Point Plan To Permanently End War

InternationalUS, Iran and Group of Mediators Make Push for 45-Day Ceasefire: Report

InternationalUS President Donald Trump Says He Will Be “Blowing Up Everything” in Iran if Tehran Doesn’t “Make a Deal” Before Tuesday, Reports Axios

International Realted Stories

InternationalIran agrees to cease military op for 2 weeks, allow safe passage via Hormuz after US accepts 10 point proposal

International"Attack on international order": US condemns attack on Israeli Consulate in Istanbul

InternationalTrump suspends bombing campaign for two weeks, says Iran's ten-point proposal is workable

InternationalWill take action against infrastructure of US, its allies, says Iran as Trump deadline looms

International"No military objective justifies deliberate infliction of suffering on civilian population": UN Chief on Trump's threat