Al Mazrouei says OPEC has ‘buffer’ of potential output

Bloomberg

OPEC has enough spare production capacity to cushion oil markets if the US re-imposes sanctions on Iran, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.
Three members of the Organization of Petroleum Exporting Countries — Saudi Arabia, Kuwait and the UAE — together have enough capacity, Al Mazrouei said in an interview with Bloomberg Television in Abu Dhabi. He serves this year as OPEC’s president.
“Don’t worry about supply,” Al Mazrouei told reporters later in Abu Dhabi. “I don’t think there will be issues as a result of sanctions.” OPEC has an adequate “buffer” of potential output, he said.
US President Trump announced plans to withdraw from Iran nuclear accord and re-impose US sanctions on OPEC’s third-biggest producer.
Al Mazrouei declined to quantify OPEC’s unused production capacity. “We will meet in June to discuss that.” OPEC “can find a solution” to offset the impact US sanctions would have on supply, he said.