U.K. Urging Higher Oil Ouput to Offset Iran Curbs, Minister Says

The U.K. is asking oil-producing nations to raise their output to offset a potential supply shortfall, according to the country’s energy minister.

“We are encouraging countries with spare capacity to increase production,” amid concern that tension over Iran’s nuclear program may disrupt Middle East oil exports, Charles Hendry told reporters at a conference in Kuwait today.

“We’ve a whole range of other sanctions to Iran,” if the country doesn’t comply with the international community on pursuing a peaceful nuclear program, Hendry said. “The solution to this situation is in the hands of Iran.”

He cited a “consistent message” from Saudi Arabia that the kingdom is prepared to deliver additional oil supplies in the event of a shortage.

To contact the reporters on this story: Wael Mahdi in Kuwait at wmahdi@bloomberg.net Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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