Saudi Arabia: speculation on impact from new sanctions driving oil prices - RTRS

According to Reuters, citing OPEC sources, Saudi Arabia is said to monitor impact of US withdrawal from Iran deal on oil supplies.

Key headlines:

   •  Will not act single handedly to offset any possible shortage.
   •  Must assess impact of Iran sanctions first, Saudi’s do not expect any ‘physical impact’ on oil market until Q3/Q4 2018.
   •  Rise in oil prices due to speculation on impact on oil supplies from new sanctions.
   •  ‘Must not be the only parameter for OPEC output adjustments’.
   •  Decisions in June on output adjustments must be driven by ‘potential physical shortage, reduction in production’ from ‘any supply source’.
   •  Too early now to have a clear idea on possible impact of sanctions.
   •  Concerned by negative impact from new sanctions consuming countries.
   •  In coordination with UAE as OPEC President & Russia over oil market consultations.
   •  Any action to be taken with ‘all participating OPEC, non-OPEC’.
   •  Saudi have enough oil production capacity to maintain oil market stability.