Trump to 'look at' halting incoming Saudi oil shipments after crude price slump
Trump to 'look at' halting incoming Saudi oil shipments after crude price slump
During a press briefing, US President Donald Trump said he would consider stopping Saudi Arabian oil imports, adding the US has "plenty of oil".
2 min read
US oil prices turned negative on Monday, before returning to positive territory on Tuesday [Getty]
US President Donald Trump on Monday said he will consider halting incoming Saudi crude oil imports in a bid to support the domestic drilling industry, as the kingdom and other OPEC members are reported to be deliberating cutting their oil output ahead of schedule.
US crude prices unprecedentedly crashed below zero on Monday before bouncing back into positive territory on Tuesday.
During his daily press briefing, Trump told reporters he would "look at" blocking the shipments at some Republican senators' request.
"We certainly have plenty of oil," said Trump. "So I'll look at that."
Also on Monday, the Wall Street Journal reported Saudi Arabia and other OPEC members were mulling over cutting their oil output as soon as possible, instead of waiting for next month's implementation of a multinational agreement to reduce oil output.
Last week, Saudi oil giant Aramco said it would market 8.5 million barrels per day (bpd) of crude oil from May under a producers' agreement to restrict supply and boost plummeting prices.
Saudi Arabia would enact the cuts immediately under a considered proposal, the Wall Street Journal reported, citing official sources in the kingdom.
Global oil prices have plunged amid economic turmoil due to the novel coronavirus pandemic, a supply glut and a Saudi-Russian spat.
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