Trump exuded confidence that Saudi Arabia and the United Arab Emirates would compensate for the shortfall in the oil market
Alexander Drago/Reuters
“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,” said Brian Hook, U.S. Special Representative for Iran and Senior Policy Advisor to the Secretary of State, speaking in a call with reporters.
Still, “The price situation is well in hand,” said Assistant Secretary of State for Energy Resources Frank Fannon, speaking during the same call. “Now is the right time to go to zero” Iranian oil exports, Fannon said, adding the market was “well supplied.” Crude oil production is also soaring in the United States, reaching a record 12.2 million bpd this year.
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