JEDDAH, Saudi Arabia: Oil supplies were sufficient and stockpiles were still rising despite massive output drops from Iran and Venezuela, said OPEC kingpin Saudi Arabia and key producer UAE on Sunday , as oil exporters met in Jeddah.
The meeting comes days after sabotage attacks against tankers in highly sensitive Gulf waters and the bombing of a Saudi pipeline - the latter claimed by Iran-aligned Yemeni rebels."We have strong industry security", he told reporters.The meeting also comes as the full impact of re-instated US sanctions against Tehran kick in, slashing the Islamic republic's crude exports.
Massive drops in exports by Iran and Venezuela come alongside output cuts of 1.2 million barrels per day implemented by the OPEC+ group since January. Energy intelligence firm Kpler sees Iranian exports plunging from 1.4 million bpd in April to around half a million bpd in May - down from 2.5 million in normal circumstances.
Iran has repeatedly threatened to close the Strait in case of war with the US, which said this month it was sending an aircraft carrier and strike group to the region. Riyadh"does not want a war, is not looking for it and will do everything to prevent it", he told journalists in Riyadh.
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