Bloomberg reported that according to the Economist Intelligence Unit, Saudi Arabia has excess crude to replace a large share of the heavy oil exported by Iran.

As quoted in the market news:

Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries, increased exports by 721,000 barrels to 7.8 million barrels a day in November, according to data submitted by governments to the Joint Organization Data Initiative. Iran, the group’s second-biggest producer, raised its exports by 5,000 barrels in November to 2.02 million barrels a day, the data showed.

Click here to read the full Bloomberg report.

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