Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

Saudi Arabia will not raise oil output in May despite end of Iran sanctions waivers: Falih

Oil | Crude Oil | Coronavirus

A new president for Guyana, the next non-OPEC oil giant


Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Natural Gas | Oil | Crude Oil | Coronavirus

ExxonMobil, Chevron may write down big chunk of reserves if weak prices persist

Saudi Arabia will not raise oil output in May despite end of Iran sanctions waivers: Falih

London — Saudi Arabia is not in a hurry to increase its oil production, even with the looming expiry of Iran sanctions waivers next week, as energy minister Khalid al-Falih on Wednesday said the market is "well supplied." Speaking at a conference in Riyadh, Falih said Saudi Arabia would only boost supplies according to customer requests.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

"We will be responsive, and we think there will be an uptick in real demand but certainly we are not going to be pre-emptive and increase production," Falih said, according to news reports.

Saudi crude production in May would have "very little variation" from the last few months, he added. June export volumes will be allocated in early May.

Saudi Arabia, the world's largest crude exporter, said it pumped 9.79 million b/d in March, well below its quota under the OPEC/non-OPEC supply accord of 10.31 million b/d.

This is a change in tack from last summer, when Saudi Arabia ramped up its production to a record high of above 11 million b/d by November in response to US pressure to keep the market well-supplied ahead of that month's re-imposition of sanctions on Iran.

But then having been burned by the US' subsequent issuance of waivers to eight countries to continue purchasing Iranian oil, which helped tank prices towards the end of the year, Gulf OPEC officials say they are proceeding more cautiously this time.

"Our intent is to remain within our voluntary production limit, but be responsive to our customers, especially those who have been under waivers and those whose waivers have been withdrawn," Falih said.

The US announced Monday that it was not renewing the sanctions waivers and said it was coordinating with Saudi Arabia and the UAE on preventing an oil supply squeeze.

Iran's crude exports have averaged around 1.2 million to 1.3 million b/d over the last few months. US officials have said their sanctions, intended to impose "maximum economic pressure" on Tehran, aim to bring those down to zero, though analysts say they expect some exports to continue.

--Herman Wang,

--Edited by Jonathan Dart,