Saudis To Meet All Ex-Iran Crude Orders As Possible OPEC Collapse Looms

Saudi officials have signaled the kingdom plans to meet all orders from former buyers of Iranian oil for the month of June. US Energy Secretary Rick Perry confirmed in statements made Tuesday that OPEC's de facto leader Saudi Arabia would increase its oil production to make up for choked supply resulting from US sanctions efforts that aim to bring Iran's crude exports "down to zero".

However, Azerbaijan’s oil minister said the Saudis informed him that no firm decisions would be made on production levels for the whole year in unilateral fashion; instead, Riyadh plans to seek backing for any extreme measures during OPEC's June meeting at the oil cartel's headquarters in Vienna, Austria - where future production policy will be hashed out.

This has left many asking the obvious question: will Iran soon pull out of OPEC altogether? It appears we'll soon find out after OPEC's June meeting.