OPEC, non-members ready to support oil market: OPEC source

OPEC and non-OPEC members will work together to offset any potential oil shortage, if the forthcoming US sanctions on Iran led to supply disruption, Reuters reported, citing a source at OPEC. 

US President Donald Trump on Tuesday exited the nuclear deal with Iran and announced a 'highest level' of sanctions against Iran.

“People shouldn’t take it for granted that Saudi Arabia will produce more oil single-handedly. We need to assess first the impact if there is any, in terms of disruption, in terms of a reduction of Iran’s production,” the OPEC source told Reuters.

Saudi Arabia is working closely with the UAE, which holds OPEC’s presidency in 2018 and non-OPEC producer Russia for "coordination and market consultations", the source added.

OPEC officials from Saudi Arabia, the UAE and Russia along with few other producers are due to meet in Saudi Arabia on May 22-23 as part of the joint technical committee's monthly meeting.

US President Donald Trump on Tuesday abandoned a nuclear deal with Iran and announced the “highest level” of sanctions against the OPEC member.

Iran’s oil supplies had fallen by around 1 million barrels per day (bpd) during the last round of sanctions.