US President Donald Trump announced on Monday that his government will store oil to fill the country's reserves by adding another 75 million barrels, taking advantage of the low price of crude oil.

By Miami Diario Newsroom

Trump said he would like the government to acquire that crude, but left the door open to just storing it for the oil companies. «It is a good time to buy oil and we would like Congress to approve it instead of storing it for large companies," said the president, who reiterated that "in one way or another" he is going to fill the reserves. “If we could buy it for nothing, we would keep all (the oil) we can get. The only thing I like more than that is when they pay to take it away, "added the president, referring to the negative prices registered today. "But that's in the short term, so I don't think we'll see it," he said. The United States Strategic Petroleum Reserve is the largest in the world and has a capacity of some 800 million barrels stored in tanks in Texas and Louisiana. The intermediate oil of Texas (WTI) starred in a historical collapse of 305% this Monday and for the first time since there are statistics it entered negative values, since the price of the American barrel was -37,63 dollars. The collapse is associated with the drop in demand due to the coronavirus pandemic. While OPEC and its oil-producing allies finalized a pact earlier this month to cut output by 9,7 million barrels a day from May 1, fears may not be enough to offset falling oil prices. demand. Font: Voa News



Pin It on Pinterest

Share This
× How can I help you?

We find the business for you

Please fill out this form