Saudi Arabia ready to replace Iranian oil after waivers end

Global deal to cooperate on the levels of oil production could be extended. (AFP/File)
Updated 30 April 2019
0

Saudi Arabia ready to replace Iranian oil after waivers end

  • The energy minister said Saudi will adjust their oil production based on global levels

MOSCOW: Saudi Arabia will not rush to boost oil supply to make up for a loss of Iranian supplies due to US sanctions, Energy Minister Khalid Al-Falih said on Tuesday.

Riyadh will adhere to a global agreement on oil production, which could be extended to the end of 2019, the minister said.

The US said last week it would not renew exemptions from sanctions against Iran granted last year to eight top buyers of Iranian oil, and President Donald Trump said he expected other OPEC producers including Saudi Arabia to keep prices low by compensating for any supply shortfall.

Al-Falih said Saudi Arabia was ready to meet consumer demand after the Iran oil waivers expire in early May, but will not voluntarily exceed output levels set by the global oil reduction deal.

“I confirm our commitment to meet all these requests. But at the same time, we will do this remaining part of the OPEC+ deal, we will stick to it. We do not need to voluntarily exceed the limits set,” he said.

The oil producers meet on June 25-26 to decide whether to extend the pact or adjust supply targets. “It may remain the same, or could change up or down, I don’t know,” Al-Falih said.

“The only indicator I have is consumers’ demand for Saudi oil ... the demand is healthy, there is nothing to worry about. There is no shortage on the market.”


Putin: US move against Huawei aims to weaken China

Updated 20 June 2019
0

Putin: US move against Huawei aims to weaken China

MOSCOW: Russian President Vladimir Putin said on Thursday that US moves against technology giant Huawei aimed to weaken China, while US tariffs sought to hold the Chinese economy back.
Putin was speaking at his annual televised question and answer conference.