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4/24, 10:24 AM (Source: TeleTrader)
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Al-Falih: No need for immediate oil output boost

Saudi Arabian Energy Minister Khalid al-Falih reaffirmed on Wednesday that his country will take measures to balance the oil market in response to the United States' decision to end the Iran oil sanctions waivers. However, he stressed that there is no need to immediately boost Saudi oil output as global crude inventories continue to increase.

"We will not leave our customers scrambling to find the oil they need, we will make sure the oil market remains balanced at global level," the official noted during the Financial Sector Conference (FSC) in Riyadh.

Earlier this week, Al-Falih said that Saudi Arabia and other oil producers will work together to "ensure adequate supplies are available to consumers while ensuring the global oil market does not go out of balance" after the US announced it will not extend waivers which allowed eight countries to buy Iranian oil past May 2 when the current exemptions are due to expire.

Breaking the News / NP