Free Iran:  Saudi Arabia seems to have plenty of excessive production to compensate for Iran’s 2 mbpd oil exports if international sanctions were to cut off Iran’s oil exports.

Business Insider: …There is OPEC, anchored by Saudi Arabia. And then there’s Non-OPEC, anchored by its top producer, Russia. With the most recent EIA data out for April crude oil production, I made up charts for Saudi Arabia, and Russia, and thought it might be instructive to pose a few questions. First, let’s take a look at Russia:

As I have discussed previously, without Russia the world of Non-OPEC supply would have fallen down into a hole shortly after 2003. Indeed, without Russia Non-OPEC production (Non-OPEC ex-Russia) would have fallen every year from 2004 through the present day. What’s been a surprise is that Russia has been able to sustain its current ~9.5 mbpd for over four years now. A number of analysts are reasonably confident that Russian oil production has now entered a plateau. Now let’s look at Saudi Arabia: