Saudi Arabia has no immediate plans to raise oil output after the US ends sanctions waivers for buyers of Iranian crude, energy minister Khalid al-Falih said Wednesday (April 24th).
"(Global) inventories are continuing to rise despite what is happening in Venezuela and tightening sanctions on Iran," al-Falih told a finance conference in Riyadh. "So I do not see the need to do anything immediately."
His comment came amid speculation that the kingdom, the world's top crude exporter, could boost output to plug the gap left by the removal of Iranian crude, AFP reported.
The White House said Monday it would end the practice of granting exemptions from US sanctions on Tehran, as it seeks to "bring Iran's oil exports to zero".
Eight countries including China, India and Turkey had been given temporary waivers by the US when it reimposed sanctions on Iran last year.
The end of the exemptions sparked fears of supply shortages, pushing prices to near six-month highs.
Al-Falih said that while the kingdom had no immediate plans to boost output, Riyadh was committed to balancing the oil market.
"We will not leave our customers scrambling for oil," he said.
Countries looking to replace Iranian crude "know which number to dial", he added.
