Saudi oil minister: Global inventories continuing to rise, doesn't see need to do anything immediately

Comments by Saudi Arabia's oil minister, Khalid Al-Falih

• Global inventories are what will guide policy action
• Actions will be guided by fundamentals of the oil market
• Will make sure that global oil market remains balanced
• Sentiment in general is that "we should not lift our hands off the wheel"

This basically just reaffirms the fact that Saudi Arabia won't be in a hurry to really increase production to compensate for the Iran situation. As per what has been reported over the past few days, the Saudis will take a more wait-and-see approach before responding so any decisive action on increasing production will only come well after 2 May.