Donald Trump stated that the 400 million barrels of Strategic Petroleum Reserve to be released into the market under the coordination of the International Energy Agency (IEA) will significantly lower oil prices.
Expressing that the IEA has agreed to coordinate the release of a record 400 million barrels of Strategic Petroleum Reserve into the market, Trump said, "This will bring oil prices down significantly."
Trump added, "Oil prices are already starting to come down and they will continue to come down, but we are not leaving until this is finished."
On the other hand, in an interview with Local 12 television, when asked whether the US would use its Strategic Petroleum Reserve, Trump replied, "We will do that and then we will refill it."
Regarding the reserves, Trump said, "But we are going to reduce it a little bit right now and that will bring prices down."
IEA Executive Director Fatih Birol announced yesterday that IEA member countries had reached an agreement to release 400 million barrels of Strategic Petroleum Reserve, the largest amount in the agency's history.
News Source: 12punto
