Russia’s Energy Minister Novak, Saudi Arabia’s Energy Minister al-Falih and OPEC Secretary General Barkindo attend an OPEC meeting in Vienna
By LEONHARD FOEGER / REUTERS

The announcement that the U.S. will not extend waivers for Iran oil export sanctions beyond May 2 sent oil prices up, though President Trump and Secretary of State Mike Pompeo signaled that Saudi Arabia and the United Arab Emirates would add supplies.

The big picture: This plan could strain production cuts Riyadh agreed to in December with OPEC, Russia and others that have buoyed prices by 37% in 2019. Saudi Arabia’s broader cooperation with OPEC+ since late 2016 has provided much-needed cash to mitigate deficits, burnish sovereign assets for mortgage and fund the Crown Prince’s economic transformation plans.

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