Sec. of State Pompeo says he's confident the oil market is well supplied despite Iran tensions

Secretary of State Mike Pompeo holds a news conference at the State Department March 11, 2019 in Washington, DC.

Chip Somodevilla | Getty Images

Secretary of State Mike Pompeo says the Trump administration has taken measures to prevent oil prices from spiking while it attempts to drive Iran's crude exports to zero.

The administration has assured Americans that U.S. allies in Saudi Arabia, the United Arab Emirates and elsewhere will fill the gap left by falling Iranian supply.

"We are confident that we've done the hard work to make sure that the market is well supplied, and I hope that we can continue to maintain that, and I think that we can," he told CNBC's "Squawk Box" on Thursday.

Supplies from Iran, one of the world's top oil producers, are expected to fall by hundreds of thousands of barrels per day in the coming weeks after Washington tightened sanctions on the Islamic Republic this month.

CNBC's before the bell news roundup

SIGN UP NOW

Get this delivered to your inbox, and more info about about our products and services.
By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.

Let's block ads! (Why?)

from Top News & Analysis https://cnb.cx/2whE8Xm