Saudi, UAE overstate their oil capacities: Iran oil minister GlobeBusiness
Washington has decided not to renew its exemptions from U.S. sanctions to buyers of Iranian oil. A senior U.S. administration official said on Monday that President Donald Trump was confident Saudi Arabia and the United Arab Emirates would fill any gap left in the oil market.“The U.S. behaviour and oil sanctions are not a bluff, but very violent hostility towards the Iranian nation,” Zanganeh was quoted by IRNA as saying.
The kingdom’s exports in April will be below 7 million barrels per day , while production is around 9.8 million bpd, Saudi officials have said. Under the OPEC-led deal on supply cuts, Saudi Arabia can pump up to 10.3 million bpd. “There’s roughly a million barrels per day of Iranian crude left, and there is plenty of supply in the market to ease that transition and maintain stable prices,” Brian Hook, U.S. special representative for Iran, said on Thursday.
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