Saudi Arabia boosts oil output amid Iran strike risk – Reuters
Saudi Arabia is increasing oil production and exports as part of a contingency plan in case any US strike on Iran disrupts Middle East supplies, Reuters reported, citing two sources familiar with the plan.
The plan involves raising output to boost exports but scaling back later to remain in line with OPEC+ quotas if no disruption occurs, the report said, citing the sources.
Saudi Arabia adopted a similar approach last year, lifting exports by about 0.5 million barrels per day and shipping more crude to overseas storage when the United States attacked Iranian nuclear sites.
The kingdom will dial back on the plan if no disruption happens and will produce less oil later to keep in line with its OPEC+ quotas, the report cited one of the sources as saying.
