Saudi Arabia says no immediate plan to raise oil output after Iran waivers end

Saudi Arabia does not plan to immediately raise oil output after the United States ends sanction exemptions for buyers of Iranian crude, energy minister Khalid al-Falih says.

“(Global) inventories are continuing to rise despite what’s happening in Venezuela and tightening sanctions on Iran,” Falih tells a finance conference in Riyadh.

“So I don’t see the need to do anything immediately.”

— AFP

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