Saudi Arabia to boost oil supplies as Trump tightens Iran sanctions

Saudi Arabia announced on Monday that it will coordinate with other oil producing countries to ensure an adequate crude oil supply following the US decision to revoke Iran sanction exemptions.

Saudi Arabian Energy Minister Khalid al Falih said in a statement that Saudi Arabia is closely monitoring oil market developments following the recent statement from the US government regarding oil export sanctions on Iran.

West Texas Intermediate crude oil increased 2.2% to 65.39 USD a barrel in electronic trading before the market officially opened. Brent crude oil for June delivery on the London market rose 2.5% to 73.78 USD per barrel.

Source: VOV5