Since the sanctions exemption granted by the United States allows hundreds of thousands of barrels of Iranian oil to enter the international market every day, resulting in lower oil prices, Saudi Arabia is preparing to take action to reduce global oil supply.
The killing of Jamal Khashiggi, a journalist, has already strained Saudi Arabia US relations, and the US sanctions exemption has exacerbated the discord between the two sides. The consultant from the Saudi side said that in order to support the domestic economy, Saudi Arabia hopes to cut production and raise the oil price to about 80 dollars/barrel. US President Trump warned countries not to cut production and called for lower oil prices.
The Trump government had previously threatened to completely cut off Iran's oil exports, which prompted other oil producing countries to increase production to make up for Iran's supply gap. Earlier this month, the United States announced that it would grant sanctions exemptions to eight countries, but did not disclose the terms of the relevant agreements.
From the Chinese website of Wall Street Journal
Editor in charge: Zhang Yao
