Saudi Arabia Raises Crude Oil Export to Control The Market

Saudi Arabia increased the production of crude oil to 9 million barrels a day to control the oil market because of the recent threats from Iran . Crude oil prices reached a nine-month high on concerns about Iran’s nuclear program and Irancut its oil exports to some western countries like England and France .

Saudi officials said they can increase the number of oil output if they receive long term offers and sign new contracts .

Crude oil prices rose to more than $125 a barrel after the United Nations’ nuclear watchdog flagged the potential military threat of Iran’s nuclear program .

Iran’s customers in Europe and Asia have already curbed their buying from the world’s fifth-largest crude exporter because of U.S. sanctions on Iran’s oil buyers, as well as a European Union oil embargo to begin July 1 . However India’s ambassador to Iran said India not only won’t stop buying crude oil from Iran , But they will buy more in future . See the story here .

Iranian authorities said Iran will continue the cooperation with International Atomic Energy Agency (IAEA) over the nuclear programs .

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