The US government had on Monday announced its decision not to renew any waivers granted last year to buyers of Iranian oil. The waivers on imports expires on May 2.
Riyadh: 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 a finance conference in Riyadh.
"So I don't see the need to do anything immediately."
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