Bloomberg reports
The report says that Saudi Arabia is ready to boost oil production in response to tighter US sanctions on Iran but that it doesn't plan any radical moves. According to people familiar with policy deliberations in Riyadh, the kingdom wants to see a decline in Iranian shipments before boosting output significantly.
This goes hand in hand with earlier statements and merely adds to the notion that Saudi Arabia will very much be in a wait-and-see mode as they wait on the full extent of the sanctions to hit on 2 May.
Even if they do try and offset the shortfall here, expect it to be done within the OPEC+ output cut quota so in essence, it will give markets little reason to be convinced of an immediate fall in oil prices - and that's something that Saudi Arabia would be happy about too.
