Trump: Want to Add 75 Million Barrels to Strategic Oil Reserve
For the first time in history, the price of WTI crude oil became negative
WASHINGTON – US President Donald Trump made it clear he intends to take advantage of the collapse in oil prices to replenish the US Strategic Oil Reserve.
“Now is a great time to buy oil,” the president announced.
He actually did not acknowledge the negative impact of falling prices on geopolitics and employment in the national energy sector amid the coronavirus pandemic, telling reporters that “the problem is, in fact, that no one else in the world drives a car.”.
The president, who wants to add up to 75 million barrels to the Strategic Oil Reserve, said: “If we can’t buy it for next to nothing, we’ll take whatever we can get.”.
Trump also said he is considering cutting off oil supplies from Saudi Arabia..
Prices for May futures contracts for American WTI crude oil by the end of trading fell to minus $ 37.63 per barrel. This is the first time the price of this product has gone negative.
Amid evaporated demand, holders of May contracts on Tuesday will have to arrange the delivery of their oil barrels.
“[Prices] will rise and the energy business will be strong,” Trump predicted, noting that other crude oils are still trading above $ 25 a barrel..
For several weeks, prices have been under pressure due to the epidemic hitting demand and the price war between Saudi Arabia and Russia, which ramped up production. Over a week ago, they agreed to cut supplies by 9.7 million barrels a day, but this will not immediately lead to a decrease in global glut..
Saudi Arabia is considering cutting production as soon as possible without waiting for May, the Wall Street Journal reported on Twitter.
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