Saudi Crown Prince to Trump: We've Replaced All Iran's Lost Oil

Prince Mohammed said that the kingdom could push capacity beyond 12 million barrels a day with additional investment, and that extra supplies are also available from Saudi Arabia’s allies. The so-called OPEC+ coalition spans other Gulf producers like the United Arab Emirates, as well as countries outside OPEC such as Russia.

Trump is reimposing sanctions on Iran after quitting an agreement on the country’s nuclear program, and the measures will take full effect in November. While many -- including Russian President Vladimir Putin -- have blamed Trump’s actions for oil’s rally, the price is actually being driven by losses in other countries, according to Prince Mohammed.

“The higher price that we have in the last month, it’s not because of Iran,” he said. “It’s mostly because of things happening in Canada and Mexico, Libya, Venezuela and other countries.”

Saudi Arabia and Iran are both members of OPEC, yet they’re bitterly opposed on political issues and continue to clash in conflicts across the Middle East from Syria to Yemen.