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.