BREAKING NEWS

Sources: Saudi would replace Iran crude in EU oil embargo

By REUTERS

DECEMBER 27, 2011 18:19

DUBAI - Top oil exporter Saudi Arabia and other Gulf OPEC states are ready to replace Iranian oil if further sanctions halt Iranian crude exports to Europe, industry sources said on Tuesday.

Iran's Oil Minister Rostam Qasemi had said that Saudi Arabia had promised not to replace Iranian crude if sanctions are imposed.

"No promise was made to Iran, its very unlikely that Saudi Arabia would not fill a demand gap if sanctions are placed," an industry source familiar with the matter, who declined to be named, told Reuters.

Gulf delegates from the Organization of the Petroleum Exporting Countries said an Iranian threat to close the Strait of Hormuz would harm Tehran as well as the major regional producers that also use the most important oil export channel in the world.

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