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Saudi Oil Chief Says OPEC’s in ‘Produce as Much as You Can’ Mode

  • ‘We will meet any demand that materializes’: Saudi oil chief
  • U.S. sanctions on Iran’s oil exports take effect next month
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Saudi Arabia gave the strongest indication yet it’s trying to stop oil prices from rising, saying that OPEC and allies are in a “produce as much you can mode” to meet demand and replace any looming shortages.

The kingdom has already boosted oil production to 10.7 million barrels a day, near an all-time high, and it can increase it even more to help plug any supply shortfalls due to U.S. sanctions against Iran’s energy industry, Saudi Energy Minister Khalid Al-Falih told a conference in Riyadh. U.S. President Donald Trump is counting on Saudi cooperation to soften potential price increases from the sanctions that take effect next month.