Riyadh ready to replace Iranian oil
Following U.S. President Donald Trump’s pressure to tame surging crude prices, Saudi Arabia’s crown prince Mohammed Bin Salman said the world’s top exporter is doing its part by pumping near record levels.
Output by OPEC’s top producer is now at about 10.7 million barrels a day, and it can add a further 1.3 million from its spare capacity “if the market needs that," Salman said in the interview.
The Saudi crown prince also said he’s getting close to striking a deal with Kuwait on resuming production of two jointly owned fields that can produce half a million barrels a day of crude. The Khafji and Wafra fields are located in the Neutral Zone, a portion of the two nations’ border that’s been undefined for almost a century, Arabian Business reported.