State-owned refiners are working out an alternative strategy to fill up the void as Washington goes ahead with its plan to tighten sanctions on Iran by ending the waiver for Tehran crude from May 2. This led to a 3.3 per cent spike in the price of Brent crude to $74.31 per barrel — the highest level since November 1.
US secretary of state Mike Pompeo said on Monday: “Saudi Arabia and the UAE will ensure appropriate supply along with the US.”
Riyadh and Abu Dhabi are already negotiating with Iran’s remaining customers to make up the shortfall in supply. Saudi Arabia and the UAE have assured Washington they will make up the gap created by eliminating exports from Iran, Pompeo said.
