UPDATED 1:00 PM PT – Sat. Sept. 15, 2018
Energy Secretary Rick Perry said the U.S., Russia, and Saudi Arabia can make up for the shortage in Iranian oil exports.
In a recent interview on Friday Perry said he felt comfortable with the outlook for global crude output, and oil prices.
This comes after the Trump administration announced they will slap sanctions on Iran, a nation that has already cut supply to two year lows.
The secretary also cited improving relations between Saudi Arabia and neighboring Kuwait as another reason to be optimistic.
“They are working towards a solution on Kuwaiti and Saudi border with some contested area there. It’s about half a million barrels a day. So, part of that – my understanding – is being addressed as we speak. They are working towards a solution in the not too distant future.” Rick Perry, White House energy secretary
Perry also called out the European Union, saying it needs to separate itself from dependence on Russian energy supplies.
U.S. sanctions are scheduled to take place on Iran in November.
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