Economics
Saudi Arabia Ready to ‘Mitigate’ Impact of Iran Oil Sanctions
Thomas Petrie Says Higher Prices of Oil Will Slow Economic Growth
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Saudi Arabia promised to work with other OPEC nations to "mitigate" the impact in the oil market of the U.S. exit from the Iran nuclear deal.
While the statement didn’t say whether Riyadh would boost output, the new sanctions could disrupt as much as 1 million barrels a day of Iranian crude -- about a quarter of its total output -- opening room for Saudi Arabia to fill the gap.