Economics
Saudi Arabia Sees No Need for Immediate Action on Oil Market
- Saudis to keep within OPEC output limit until June: Al-Falih
- Kingdom tries to balance U.S. goals with OPEC+ production cuts
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Saudi Arabia’s energy minister said the world’s biggest oil exporter sees no need to take immediate action in the crude market, signaling a cautious response to the U.S. decision to tighten sanctions on Iran.
The kingdom won’t significantly raise output in May and will stay within its OPEC production limit until the group’s current supply deal expires in June, Khalid Al-Falih said Wednesday in Riyadh. That would allow for a modest increase in production because Saudi Arabia currently pumps about 500,000 barrels a day below its quota.