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Saudi says producers pumping enough to deal with Iran sanctions

Dindu Nuffin

(Reuters) – Saudi Oil Minister Ali al-Naimi said on Wednesday oil markets would remain well supplied even after fresh international sanctions against Irantake effect, as global crude oversupply is already as much as 1.5 million barrels per day (bpd).

U.S. and European Union sanctions on Iran‘s oil exports take effect in June and July, and are aimed at stemming the flow of petrodollars to Tehran to force it to halt a nuclear program the West suspects is intended to produce weapons.

Iran exports about 2.2 million bpd, mostly to Asia, in a global market of around 89 million bpd.

When asked if he saw oil supplies tightening in coming months as global sanctions against Iran come into effect, Naimi said: “Absolutely not”.

“There is today about 1.3 to 1.5 million barrels per day (bpd) of extra supply over demand,” he told reporters in Tokyo after holding talks with…

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