European Union foreign ministers will meet on January 23 to consider barring purchases of oil from Iran, the second-biggest producer in the Opec after Saudi Arabia. Should the bloc approve an embargo, its 27 members states would be prohibited from conclu

“The announcement that the EU sanctions would be delayed has had a major impact on the market.” Members of the Organization of Petroleum Exporting Countries including Saudi Arabia would be able to make up for a drop in Iranian supplies to Europe,...

Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, has oil in onshore storage and in tankers, Khelil said in an interview with Mark Barton on Bloomberg Television’s “On the Move” Friday. “It should be possible to...

Iran, the second-largest producer in the Organization of Petroleum Exporting Countries, pumped 3.58 million barrels of crude a day last month, according to Bloomberg estimates. OPEC’s other members would be able to make up for a drop in Iranian oil...

“OPEC members including Saudi Arabia would be able to make up for a drop in Iranian supplies to Europe,” stated Chakib Khelil, the group’s former president. “It should be possible to replace, at least, the European consumption of Iranian oil,” he announc

They also warn that eventually oil prices would rise, threatening the shaky global economy. The gulf states “could replace the Iranian oil for about a month, and then you would have to look to the strategic reserves from the West, which could represent...