US presses Saudi Arabia to boost oil output

  • Share via facebook
  • Tweet this
  • Bookmark and Share

The United States is pressing Saudi Arabia to boost oil output to fill a likely supply gap arising from sanctions on Iran, Gulf sources told Reuters, adding that such an increase is unlikely before July.

"There were talks held between Saudi and the US and the US asked if Saudi could be accommodating once the sanctions take effect in July. And the Saudi response was that it was ready to meet demand in the market if required, but would not like to take part in the politics," one Gulf official said.

A European Union embargo on Iranian crude takes effect on July 1. US and European financial sanctions have made it difficult for other importing nations to process payments for Iranian crude.

"There will not be any surprises in Saudi production over the coming few months, we are yet to see what demand in April will be. But generally production will stay up or down 200,000 barrels per day from the current 9.8 (million bpd)," the official said.

"The situation is still not clear, by July there will be a clearer picture," another Gulf source said.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
US drivers yield 'swing' oil demand to Saudis

US drivers yield 'swing' oil demand to Saudis

The world’s biggest oil producer is now also the planet’s largest...

Saudi Arabia rewrites its oil game with refining might

Saudi Arabia rewrites its oil game with refining might

Gulf kingdom now has stakes in more than 5 million barrels per...

The fracking of US-Saudi relations

The fracking of US-Saudi relations

The often-misunderstood industry of fracking may ironically become...

Most Discussed
  • 2
    UAE named happiest country in the Gulf

    UAE is one country I loved as My entire family lived in Dubai for 19 years, their people & culture are both commendable, visa issues? Of course d govt... more

    Thursday, 28 May 2015 4:53 PM - Ms. Joey Ortega