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Oil surges amid OPEC caution to offset Iran sanctions

Updated : April 23, 2019 11:43 PM IST

Output in Saudi Arabia, the world's top oil exporter and de facto leader of the Organisation of the Petroleum Exporting Countries, will rise in May, but that it is not related to Iran sanctions, the sources said.
The sources said Saudi production in May will also still within its production target under a OPEC+ supply-cutting deal, which has led global supply cuts since the start of the year aimed at propping up crude prices.
Oil surges amid OPEC caution to offset Iran sanctions

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