President Donald Trump authorised the release of oil from the US strategic petroleum reserve, while the International Energy Agency (IEA), which helps coordinate industrialised countries’ emergency fuel stockpiles, said it was monitoring the situation.
Sydney: Oil markets are grappling with uncertainty over how long it will take Saudi Arabia to restore output after the devastating attacks that knocked out 5% of global crude supply.
As state oil producer Saudi Aramco grows less optimistic that there will be a rapid recovery after the strikes that cut the nation’s output by half, investors are looking for clarity on just how bad it could be.
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