Could Saudi Arabia replace all the barrels lost from Iran

The United States wants to eliminate all Iran’s crude oil exports from November, and is relying on Saudi Arabia and other OPEC and non-OPEC members to fill the gap in supplies.

“Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue from crude oil sales,” a senior State Department official told a news briefing this month.

“We are working to minimise disruptions to the global market, but we are confident that there is sufficient global spare oil production capacity,” Brian Hook, the director of policy planning, said on July 2…

 

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