Saudis Take Iran’s Oil-Market Share, Keeping OPEC Supply Steady
- Iran’s output slumps to the lowest since 1990 amid sanctions
- Increases by Saudi, Iraq, Libya offset Iran drop: survey
This article is for subscribers only.
Saudi Arabia ramped up oil production last month by the most this year, largely filling the gap created by tougher U.S. sanctions on its political rival, Iran.
Iranian output plunged in May to the lowest since 1990 as the Trump administration threatened penalties for anyone trading with the Islamic Republic, according to a Bloomberg survey of officials, analysts and ship-tracking data.