{"id":45627,"date":"2019-04-24T14:23:44","date_gmt":"2019-04-24T19:23:44","guid":{"rendered":"https:\/\/olduvai.ca\/?p=45627"},"modified":"2019-04-24T14:23:47","modified_gmt":"2019-04-24T19:23:47","slug":"saudi-oil-minister-we-wont-ramp-up-oil-production-soon","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=45627","title":{"rendered":"Saudi Oil Minister: We Won\u2019t Ramp Up Oil Production Soon"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/oilprice.com\/Energy\/Crude-Oil\/Saudi-Oil-Minister-We-Wont-Ramp-Up-Oil-Production-Soon.html\">Saudi Oil Minister: We Won\u2019t Ramp Up Oil Production Soon<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/f3bf7701f131ad909433df971fd8297c.jpg\" alt=\"Khalid al Falih\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Saudi Arabia plans to stay within the limits of its ceiling under the OPEC+ production cut deal in May and will certainly not rush to ramp up production, although it would respond to customer needs if they want more oil, Saudi Energy Minister Khalid al-Falih&nbsp;<a href=\"https:\/\/uk.reuters.com\/article\/uk-oil-opec-saudi\/saudis-falih-no-need-for-immediate-action-after-end-of-iran-oil-waivers-idUKKCN1S00TB\">said<\/a>&nbsp;on Wednesday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As the U.S. announced on Monday that it would be ending sanction waivers for all Iranian oil customers, the Trump Administration&nbsp;<a href=\"https:\/\/www.state.gov\/secretary\/remarks\/2019\/04\/291272.htm\">said<\/a>&nbsp;that it \u201chad extensive and productive discussions with Saudi Arabia, the United Arab Emirates, and other major producers to ease this transition and ensure sufficient supply.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the U.S. and President Trump appear certain that Saudi Arabia would compensate for Iranian losses, the Kingdom seems reluctant to start swiftly raising production before seeing actual figures for how much Iranian oil will actually be lost and how tight the market will be.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Saudi Arabia\u2019s oil production in May is pretty much set and will differ \u201cvery little\u201d from previous months, Reuters quoted al-Falih as saying in Riyadh today.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Last month, OPEC\u2019s de facto leader and largest producer Saudi Arabia&nbsp;<a href=\"https:\/\/oilprice.com\/Energy\/Crude-Oil\/OPEC-Oil-Output-Dips-To-Four-Year-Low-As-Cartel-Tightens-Market.html\">followed through its commitment<\/a>&nbsp;from February to cut deeper and pump well below 10 million bpd in March. Saudi Arabia\u2019s crude oil production dropped by a massive 324,000 bpd from February to stand at 9.794 million bpd in March\u2014just as al-Falih had said the Kingdom would do. Saudi Arabia pumped around&nbsp;<a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Oil-Prices-Rise-As-Saudis-Curb-Exports.html\">9.8 million bpd<\/a>&nbsp;in March, some 500,000 bpd below the&nbsp;<a href=\"https:\/\/www.opec.org\/opec_web\/static_files_project\/media\/downloads\/press_room\/Voluntary%20production%20adjustments%20table%20att%20PR12019.pdf\">10.311-million-bpd<\/a>commitment in the OPEC+ deal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Speaking today, al-Falih said, as carried by Reuters:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cInventories are actually continuing to rise despite what is happening in Venezuela and despite the tightening of sanctions on Iran. I don\u2019t see the need to do anything immediately.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Oil Minister: We Won\u2019t Ramp Up Oil Production Soon Saudi Arabia plans to stay within the limits of its ceiling under the OPEC+ production cut deal in May and will certainly not rush to ramp up production, although it would respond to customer needs if they want more oil, Saudi Energy Minister Khalid al-Falih&nbsp;said&nbsp;on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[23083,600,14603,17693],"class_list":["post-45627","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-oil-price-com","tag-opec","tag-tsvetana-paraskova","tag-us-economic-sanctions"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45627"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45627\/revisions"}],"predecessor-version":[{"id":45628,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45627\/revisions\/45628"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}