President Donald Trump announces that his administration would soon release a plan to assist the local oil companies.
- The Treasury Secretary of the United States further suggested that the upcoming plan could include adding millions of oil barrels to the Strategic Petroleum Reserve.
- The United States Strategic Petroleum Reserve (or SPR) currently holds ~ 636 million barrels of crude and could further add ~ 79 million, with the existing capacity being 714 million.
- In the wake of COVID-19 outbreak the global fuel demand has dropped approx. by 30.0 million barrels per day or roughly by 30 per cent.
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