US Hopes Saudi, Russia Can Boost Oil Output To Compensate For Iran

U.S. Energy Secretary Rick Perry said on June 28 that he is confident that Saudi Arabia and Russia can increase their crude oil production to stabilize the world oil market, and compensate for supply losses caused by renewed U.S. sanctions on Iran.

 “We look at this as an opportunity for the OPEC members to fill this gap, if you will,” Perry said at a press conference at the World Gas Conference in Washington.