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US President Donald Trump described the historic collapse in oil prices as short-term and caused by “financial pressure,” adding that his administration would consider stopping oil shipments from Saudi Arabia.
Trump said at a daily press conference that his administration also plans to increase the level of crude oil stockpiles for the country’s emergencies as prices drop.
The Department of Energy is leasing enough available space for about 77 million barrels in the strategic oil reserves of American oil companies to help these companies in a commercial storage crisis with the collapse of domestic energy demand due to the outbreak of Corona virus.
On Monday, US crude oil futures prices turned negative for the first time in history, ending the session at minus $ 37.63 a barrel as traders traded heavily.
