The world’s biggest oil exporter has received moderate requests from customers for shipments next month, including from former buyers of Iran’s oil.
Monday 13, May 2019
(Bloomberg) --Saudi Arabia plans to meet all requests for oil purchases it has received for June, notably from countries that had to stop buying Iranian crude because of recent US sanctions.
Saudi oil production for June is expected to remain below the kingdom’s ceiling under an agreement between the Organisation of Petroleum Exporting Countries (OPEC) and its allies limiting output until the end of next month.
Saudi Arabia pumped about 9.8 million barrels a day in March and April and has an OPEC quota of 10.3 million.
The Kingdom will continue to export less than seven million barrels a day in June and OPEC+ will respond to any actual shortage once it materialises by increasing supply.
Khalid Al-Falih, Saudi Energy Minister, said that he sees no need to take immediate action in the oil market, signalling a cautious response to the US decision to tighten sanctions on Iran.