(CNBC) — Following a series of drone attacks in Saudi Arabia’s oil-rich Eastern Province on Saturday, White House counselor Kellyanne Conway said the administration is prepared to tap into the petroleum reserve in order to stabilize the global energy supply.
Saudi Arabia shut down half its oil production Saturday after an attack claimed by Yemen’s Houthi rebels on the world’s largest oil processing facility. The closure will impact 5.7 million barrels of crude production a day, roughly 5% of the world’s daily oil production.
“Our Department of Energy stands ready to tap into this strategic reserve, petroleum reserve, if we must to stabilize the global energy supply,” Conway said Sunday.
