Saturday's attack is the biggest on Saudi oil infrastructure since Saddam Hussein's invasion of Kuwait in 1990.
U.S. President Donald Trump, speaks with Mohammed bin Salman, the Kingdom of Saudi Arabia's deputy crown prince and minister of defense, left, in the Oval Office of the White House in Washington, D.C., U.S., on Tuesday, March 14, 2017.President Donald Trump said Sunday he has authorized the release of oil from the U.S. strategic petroleum reserve after attacks on key production facilities in Saudi Arabia that cut the kingdom's crude production by half.
Trump said oil would be released if needed to keep the market well supplied. The president also said that he has informed the appropriate agencies to expedite the approval of oil pipelines still in the permitting process in Texas and other states. Saudi Arabia's national oil company, Aramco, was forced to cut its production by 5.7 million barrels per day or about 50% after a series of drone strikes hit the heart of the kingdom's oil production. The world's largest oil processing facility and Saudi's second-largest oil field were hit by the attacks.
The Saudi government has not yet given an official timeline for when production will return to normal. According to The Wall Street Journal, Aramco expects to restore about a third of the lost oil output on Monday.
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