Mubasher – Zainab Mahmoud: The administration of U.S. President Donald Trump has suspended the sale of 12 million barrels of strategic oil reserves, after crude prices fell at the largest daily pace since 1991.
“This is not the best time to sell,” Jess Szymansky, a spokesman for the US Energy Department, said in a statement released on Tuesday.
The sale of the crude strategic reserve was part of a regular withdrawal schedule designed to raise $ 450 million for government programs during the current fiscal year for the United States.
The decision came after OPEC and its allies’ cut-outs deal failed, Where I started The price war between Russia and Saudi Arabia Reducing black gold prices and increasing production, to record crude The worst daily performance since the 1991 Gulf War.
The bids were to be submitted until March 11, which was due to be delivered in April and May, before the US decision.
The Trump administration proposed last month to sell 15 million barrels of emergency stocks as part of its fiscal plan for the 2021 budget.
And the US strategic reserve of crude oil after the interruption of supplies in the 1970s due to the Arab ban on crude exports, and it is used for withdrawal in times of emergency.