US Can Slash Iran Oil Supply and Help Fill the Gap, Wright Says

US sanctions can slash Iran’s oil exports to a quarter of current levels, with shale producers among global suppliers that would help fill the gap, Energy Secretary Chris Wrightsaid.

Sanctions can “absolutely” cut the Middle Eastern country’s crude exports to levels seen during President Donald Trump’s last administration, when they plunged to less that 400,000 barrels a day, Wright said in an interview in Abu Dhabi.

In a context of rising OPEC+ output, added US production gives Washington leverage to help sustain global supplies and avoid derailing Trump’s aim for lower prices, he said.

“Just from US production ...