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January 23, 2012       Share:    

Source: http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=482145&version=1&template_id=48&parent_id=28

Saudi Capacity Seen Sufficient to Cover Oil Sanctions on Iran

(Bloomberg-Gulf Times-Qatar) Saudi Arabia has the capacity to make up for Iranian oil exports to Europe should the region's leaders go ahead with an embargo, according to the International Energy Agency and the Centre for Global Energy Studies. The kingdom has unused daily production of 2.2-2.5 million barrels. The EU bought 450,000 bpd from Iran in the first half of 2011, U.S. Energy Department data show.

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