Saudi Arabia will respond to weak oil demand, energy minister Falih says
Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he sees weak oil demand in January and said the kingdom would respond accordingly to cool the global market’s anxiety, Reuters reported.
The world’s top oil exporter’s crude output in November is above October levels, he said, adding that it was in no one’s interest to create a supply glut.
“The waivers as to the Iranian sanctions as you know ... So January demand for Saudi Arabia would be lower,” Falih said, referring to U.S. offers to Iran to keep more Iranian crude on the market.