The Financial Times is reporting that Saudi Arabia will not rapidly ramp up its oil output after the US ended the sanctions waivers for buyers of Iranian crude.
This was declared by Khalid Al Falih, the kingdom’s energy minister at a conference in Riyadh.
He was quoted as saying that the market is “well-supplied” and inventories continue to rise despite the sanctions against Iran’s oil exports and volatile output in other producer nations such as Venezuela.
While China has said it will not comply with any restrictions, other big buyers have said they will seek out alternative suppliers.
Via FT
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