Saudi Arabia oil minister Khalid Al Falih said the kingdom has ample spare capacity to offset Iranian barrels sidelined by US sanctions, but the bigger risk comes from potential conflict in the region
The Saudi official told CNN that the kingdom has ample spare capacity to offset Iranian barrels sidelined by US sanctions, but the bigger risk comes from potential conflict in the region.Iran oil minister: '
.Read MoreSaudi Arabia and Iran have been political enemies for decades. Iran is funding Houthi rebels in Yemen, with whom Saudi Arabia is at war.Rising tensions in the Middle East between Iran and the United States have raised fears of a clash near the Strait of Hormuz, the most important chokepoint for oil transit in the entire world. Nearly one-quarter of daily global oil production goes through the Strait of Hormuz.
In addition to extending its production cuts, agreed in principle to formalize a charter for cooperation with non-member producers.Al Falih acknowledged that the meeting was delayed by disagreement over the charter, though he stressed that the cooperation does not diminish remains at the center."Iran has taken issue with the enormous sway that Russia and Saudi Arabia have over
might die," Zanganeh told reporters, according to the Financial Times. America's oil boom will break more records this year.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iran warns 'unilateralism' between Saudi Arabia and Russia could lead to the death of OPECOPEC is set to debate an extension of oil production cuts when it meets on Monday, before getting the deal endorsed by non-members.
Read more »
US activists keep pressure on Saudi Arabia with LA protests'The gross abuse of power and denial of basic fundamental rights to life and liberty cannot be ignored' - Activists raise plight of Muslim scholars and other activists jailed by Saudi Arabia
Read more »
Iran says it has broken stockpile limit set by nuclear dealTEHRAN, Iran (AP) — Iran acknowledged Monday it had broken the limit set on its stockpile of low-enriched uranium by the 2015 nuclear deal, marking its first major departure from the unraveling...
Read more »