Saudi Arabia has not made any specific commitments to the US regarding its pledge to increase oil production to make up for lost Iranian exports after Washington’s decision to increase sanctions pressure on Tehran, industry sources familiar with the matter told Energy Intelligence. Following last month’s announcement by the Trump administration that it would not extend sanctions waivers for buyers of Iranian crude, both Saudi Arabia and the United Arab Emirates released official statements saying that they’d be prepared to compensate for lost Iranian barrels in the market and applauded Washington’s tough stance against their regional foe (IOD May2’19). However, sources say that Saudi Arabia has not committed to a timeline or a quantity by which it would ramp up its oil production.
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