ECONOMY

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

The base for Saudi Aramco's Natural Gas Liquids plant and oil production in the surrounding Shaybah field. (AFP)

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 said Wednesday.

“(Global) inventories are continuing to rise despite what’s happening in Venezuela and tightening sanctions on Iran,” Falih told the Financial Sector Conference in Riyadh.

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

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Last Update: Wednesday, 24 April 2019 KSA 13:51 - GMT 10:51
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