The Trump administration stopped issuing waivers to buy Iranian crude on Thursday, raising concerns about global oil supply.
At the same time, supply disruptions and threats of further outages are widespread.
In Europe, contaminated oil sent by pipeline from Russia has disrupted supplies to refineries in several nations. The group hiked output ahead of U.S. sanctions on Iran in November, only to be surprised when Trump granted the import waivers. The flood of OPEC oil and weaker-than-anticipated sanctions contributed to a collapse in Brent from $86 to $50 a barrel and prompted producers to agree in December to cut output.Saudi Arabia needs oil prices around $80 a barrel to balance its budget.
"Saudi Arabia feels that the cuts deal of December was hard fought and quite an achievement and they don't want to throw the baby out with the bathwater and lose those price gains in the pursuit of policy that frankly could work badly against them, as it did last year," he said.
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