Al-Falih: We are ready to replace Iranian oil after end of waivers

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Saudi Arabia is ready to meet oil consumers’ demand by replacing oil supplies from Iran after the United States ends waivers granted to buyers of Iranian crude, Energy Minister Khalid al-Falih told Russian state news agency RIA in an interview.

Al-Falih said that the global deal to coordinate oil production levels could be extended after June.

“We will look at (global oil) inventories - are they higher or lower than the normal level and we will adjust the production level accordingly. Based on what I see now ... I am eager to say that there will be some kind of agreement,” al-Falih told RIA.

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