Under pressure from the US to lower oil prices, Saudi Arabia says it has already replaced Iranian crude lost to US sanctions.
The announcement was made by Saudi Crown Prince Mohammed bin Salman who told Bloomberg in an interview that his country and other producers had raised output by about 1.5 million barrels per day, offsetting an estimated 700,000 barrels per day taken off world markets due to anti-Iran sanctions.
“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. So we export as much as 2 barrels for any barrel that disappeared from Iran recently. So we did our job and more.”