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Saudis Pledge to Ensure Oil Supply If Iran Exports Collapse

  • Saudis, U.A.E. can boost output by 1.5 million barrels a day
  • OPEC can offset any losses in oil output from Iran: Trump
Iran's Salman Oil Field Ahead Of U.S. Sanctions
Photographer: Ali Mohammadi/Bloomberg
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Saudi Arabia will coordinate with other crude producers to ensure that adequate supplies are available and the market “does not go out of balance,” Energy Minister Khalid Al-Falih said, after the U.S. ended waivers for buyers of Iranian oil.

The Saudis are closely monitoring oil-market developments after the U.S. announcement regarding export sanctions on Iran, Al-Falih said in a statement. “In the next few weeks, the Kingdom will be consulting closely with other producing countries and key oil consuming nations to ensure a well-balanced and stable oil market, for the benefits of producers and consumers as well as the stability of the world economy.”