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

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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.