Breaking News

US President To Block Saudi's Oil As Prices Went Low


Amidst Storage Space capacity fear
The Us oil price on Monday experienced a sudden fall in the benchmark to its lowest for decades.

The statement from the Us President said he could consider blocking

Saudi Arabia's oil importation to Us due to the shortage of storage that has threatened the Us Oil Industry.

When asked by the daily news reporters if he will consider the request made by some Republican lawmakers to use his executive authority to block it he nodded in affirming.

The Western Texas Intermediate (WTI) went to its lowest up to 300 percent turning to negative with the May WTI Contract down to -40% before moving to -37.63%.

The Contract expires today as traders are willing to give out their Oil off their hands. Trump said that the historic fall in price will help to squeeze financial in a short term and that his administration will take advantage of it to improve the federal reserve.

Meanwhile, the Energy Department has leased out about 77 barrel of crude to Companies to enable them to deal with storage space caused by the outbreak of Coronavirus which has led to low domestic demand.

The Us intervene in the saga between Saudi Arabia OPEC and Russia oil war.

According to Senator Crammer representing North Dakota- which is dependent on oil called on Trump to stop Saudi from offloading crude on Us shore.

"We are running out of storage space and we cannot allow Saudi to flood our market with their crude, says right now Saudi's tanker is on its way been the highest in years to unload crude- Crammer".

The US also continues to suffer the Corona Virus as the number of deaths continues to rise.


Source: Aljazeera.com

Meanwhile, the United States President has decried the removal of the mailbox voting as the greatest fraud in history. Trump who showed this concern on his twitter handle accused the Democrats of spying on his campaign.

Trump has been controversial since the campaign started. America will be holding their Presidential election on 3rd Nov. 2020 and he (Trump) is expected to win the election.





No comments