Washington: Saudi Arabia’s oil production appears to be “ramping up” and can fill some of the demand shortfalls caused by sanctions on Iranian exports, CIA Director David Petraeus said on Tuesday.
“The sanctions have been biting much, much more literally in recent weeks than they have until this time,” CIA Director David Petraeus said at a Senate intelligence committee hearing.
“It appears that Saudi Arabian production is ramping up and can fill some of the demand that might have been met by Iranian exports now that there are the sanctions on the Central Bank of Iran,” Petraeus said.
The United States imposed the harshest sanctions so far on Iran when President Barack Obama on December 31 signed into law new sanctions on transactions involving Iran’s central bank.
Some experts have predicted oil prices could rise as high as $150 a barrel if Iran closes the Strait of Hormuz in retaliation for sanctions from the US and EU nations. The sanctions are an economic attempt to get Iran to shut down its nuclear arms development program.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription