US sees Russia, Saudi Arabia compensating Iranian oil

WASHINGTON, Jun 29 (PRIME) -- Russia and Saudi Arabia will be able to raise their oil production to compensate the Iranian oil that may leave the market due to the U.S. sanctions, U.S. Energy Secretary Rick Perry said late on Thursday in a news conference during the World Gas Conference.

Earlier this week, the U.S. State Department State called for all U.S. allies to stop buying oil from Iran.

“I am comfortable that Saudi Arabia is going to be able to increase their production to... 11 million barrels per day going forward, and that Russia will be able to increase their production, so the worldwide crude market does have some stability,” Perry said.

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