April 22, 2019 / 8:09 AM / in a month

Saudi can raise oil output but will assess impact of Iran waivers ending: source

FILE PHOTO: An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Picture taken May 21, 2018. REUTERS/Ahmed Jadallah

DUBAI (Reuters) - Saudi Arabia is willing to compensate for any potential loss of crude supply if the U.S. ends waivers granted to buyers of Iranian oil, but the kingdom will assess the impact on the market before raising its output, a source familiar with Saudi thinking told Reuters on Monday.

The United States is expected to announce on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation told Reuters, triggering a 3 percent jump in crude prices to their highest so far this year.

The source familiar with Saudi thinking said any action by the top oil exporter depends on the certainty of scrapping the waivers and its effect on the oil market.

Reporting by Rania El Gamal; Editing by Kirsten Donovan

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