Column: Oil traders to Saudi Arabia: show us the barrels - Reuters:
“The United States, Saudi Arabia and the United Arab Emirates ... are committed to ensuring that global oil markets remain adequately supplied,” the White House said in a press statement issued on Monday.
“Oil markets are well-supplied and oil inventory levels are seasonally strong,” the U.S. State Department wrote in an accompanying briefing note explaining the rationale for eliminating sanctions waivers for buyers of Iranian oil.
“We have commitments from oil-producing countries, including the kingdom of Saudi Arabia and the United Arab Emirates, to increase oil production to offset reductions in Iranian oil exports,” the department announced.
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