Saudi Arabia Can Make Up for Iranian Crude Oil Losses, CNN Says

Saudi Arabia can make up for any loss of crude production if sanctions are placed on Iran, CNN said, citing the country’s oil minister Ali al-Naimi.

“I believe we can easily get up to 11.4, 11.8 almost immediately, in a few days,” al-Naimi said in an interview with CNN today. Saudi Arabia has the capacity to produce 12.5 million barrels a day “and we are idling now between 9.4 and 9.8, so we have substantial spare capacity,” he said.