Saudi and OPEC countries will supply if there is any loss in supply of oil from Iran: Saudi Crown Prince

Saudi Crown Prince, Mohammed bin Salman said in an interview to Bloomberg that Saudi Arabia and other OPEC and non-OPEC oil producers have increased the crude oil production by 1.5 million barrels per day on request of and pressure from the United States.

Saudi Crown Prince said that to meet the shortfall of oil in the world market due to Iran sanctions will be fulfilled by Saudi and other oil producers. Iran reduced the oil exports by about 700,000 barrels per day, which will be met with the increased production of 1.5 million barrels per day.

Crown Prince said, “The request that America made to Saudi Arabia and other OPEC countries is to be sure that if there is any loss of supply from Iran, that we will supply that. And that happened”.

He said, “Iran reduced their exports by 700,000 barrels a day, if I’m not mistaken. And Saudi Arabia and OPEC and non-OPEC countries, they’ve produced 1.5 million barrels a day”.

He added, “So we export as much as 2 barrels for any barrel that disappeared from Iran recently. So we did our job and more”.

Crude oil prices are on rise after US President Donald Trump pulled out from Iran Nuclear Deal, known as Joint Comprehensive Plan of Action (JCPOA), on May 8, 2018 and vowed to impose sanctions on Iran to bring down the Iranian oil exports to zero to develop an economic pressure on Iran.

In his speech at United Nations General Assembly, Trump blasted at OPEC member countries for increasing oil prices and stressed to bring down the oil prices in the world market. He said that OPEC is increasing the oil prices that is hitting the world economy.

Saudi Crown Prince said that Saudi Arabia is producing 10.7 million barrels per day and can Increase the production by 1.3 million barrels per day if required to meet the world demand.

He said that increased oil prices were not because of Iran, but they were because of problems in Canada, Venezuela and other countries.

He said, “We believe the higher price that we have in the last month is not because of Iran. It’s mostly because of things happening in Canada, and Mexico, Libya, Venezuela and other countries that moved the price a little bit higher”.

CM Jakhar

A news enthusiast by hobby, CM is the founder of Prediction Junction. He is always passionate to dig into the latest in the world and has a natural way of depicting his analysis and thoughts. His main motive is to bring the true and recent piece on where the world is heading.

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