Saudi Arabia’s energy minister said the world’s biggest oil exporter sees no need to take immediate action in the crude market, signaling a cautious response to the US decision to tighten sanctions on Iran.
The kingdom won’t significantly raise output in May and will stay within its OPEC production limit until the group’s current supply deal expires in June, Khalid Al-Falih said Wednesday in Riyadh. That would allow for a modest increase in production because Saudi Arabia currently pumps about 500,000 barrels a day below its quota.
“We will see what the customers want,” Al-Falih told reporters. “I think our intent is to remain within our voluntary production limit, but at the same time to be responsive to our customers, especially those who have been under waivers, and those waivers have been withdrawn.”
