Sources: Saudi Arabia increases oil production and exports to prepare for a US attack against Iran

Saudi Arabia has increased its oil exports and production as part of an emergency plan, in case a U.S. attack on Iran disrupts Middle East supplies. Two sources familiar with this plan told Reuters on Wednesday.

The Saudi Government Media?Office did not respond immediately to a comment request on the plan.

Donald Trump, the U.S. president, has stated that he would consider a strike against Iran in order to press its leaders to agree to a deal to curb Tehran’s nuclear program. In recent weeks, the United States has gathered a large force in the Middle East.

Saudi Arabia increased its oil exports by 0.5 million barrels a day in June last year. It shipped more crude to storage abroad, as the United States was attacking Iranian nuclear sites.

According to two sources, the plan for this year is similar with that of 2025. Saudi Arabia has increased oil production to increase exports in case of an emergency, according to the sources. If there is no disruption, the kingdom will reduce its oil production to 'keep up with OPEC+ quotas later on.

Iran, which produces 3% of the world's oil, has vowed to retaliate if any strike is made, potentially putting other oil flows from the Middle East at risk.

Daily, more than 20 million barrels of crude oil, fuels, and condensate are transported through the Strait of Hormuz, including those from Saudi Arabia, Kuwait, and the UAE.

Saudi Arabia has been the largest oil producer in OPEC for many decades. It has intervened on oil markets to supply more oil when there are disruptions, or reduce output when they feel that the market is oversupplied. Reporting by Dmitry Zhdannikov, Editing by Elaine Hardcastle

(source: Reuters)