The Saudi state news agency reported today that the Kingdom is happy with Washington’s decision to not extend the waivers for Iran oil sanctions that it had granted to eight large oil importers last November. The agency quoted a statement from Saudi Arabia’s Foreign Minister, Ibrahim bin Abdulaziz Al-Assaf, which said, “Saudi Arabia believes the US decision is a necessary step to pressure the Iranian government to stop jeopardizing peace and end their global support for terrorism.” Regarding oil production, Al-Assaf said Saudi Arabia will cooperate with other producers to make sure the gap left on international markets by the elimination of the waivers is filled. Yesterday, an Iraqi government official said the country was ready to boost exports by 250,000 bpd in order to compensate for the loss of Iranian barrels. It seems the two largest producers in OPEC will work together to coordinate changes in production rates, […]