The Winner From Trump's Iran Sanctions? Saudi Arabia - Bloomberg:
Saudi Arabia is set to do very nicely from President Donald Trump’s tougher oil sanctions on Iran.
The Arab kingdom is poised to raise its own output to meet all requests for oil purchases it has received for June, notably from countries that have had to stop buying Iranian crude. Other Persian Gulf Arab countries with spare production capacity — Iraq, Kuwait and the U.A.E. — will almost certainly follow suit.
Saudi Arabia has plenty of room to boost its output without breaching the production targets it agreed for the first half of 2019 as part of the OPEC+ deal to manage oil supplies. That arrangement gave the kingdom a target of 10.3 million barrels a day. Output in April was more than 500,000 barrels a day below that level.
No comments:
Post a Comment