Donald Trump to consider stopping Saudi oil imports, sees price drop as short-term

U.S. President Donald Trump described a historic drop in oil prices on Monday as short-term and stemming from a “financial squeeze,” adding the administration would consider stopping oil shipments from Saudi Arabia to lift the market.

Speaking at a daily news conference, Trump also said his administration planned to top up the nation’s emergency crude oil stockpile as prices plunge.

The Department of Energy is in the process of leasing some of the roughly 77 million barrels of available space in the Strategic Petroleum Reserve to U.S. oil companies to help them deal with the dearth of commercial storage as the coronavirus outbreak crushes domestic energy demand here

U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.  Reuters