The world’s top oil exporter has shown willingness to raise its oil production by about 2 million barrels per day; a day after Iran threatened its Gulf neighbors not to compensate for the shortfall in oil exports as a result of US oil sanctions.

Saudi Oil Minister Al-Naimi said that they can increase up to 11.4 to 11.8 million in a few days. Saudi Arabia has agreed to compensate for any gap created due to the Iran or any other major producer. Naimi has also announced the new price of $100 per barrels against the $75 previously. Al-Naimi said he hopes to stabilize oil price. Iran has warned the Gulf countries to not make up for the shortfall in oil supplies.

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