Gulf States’ OPEC Members Are Ready to Increase Production
OPEC and oil industry sources said that Arab Gulf OPEC members are ready to increase production if there is a shortage in oil supply. This comes one day after the Trump Administration decided to not renew waivers for Iranian oil importers.
Reuters sources said that Saudi oil production for May is not expected to be much higher than April, while Saudi Energy Minister Khalid Al-Falih said that Riyadh will coordinate with other oil exporters to ensure adequate oil supplies to the market. Other sources in OPEC clarified that in order to increase output “There must be actual impact on the market and a real demand from customers,”