Saudi Energy Minister Farih believes Iran is exempt from sanctions

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      "Despite the sanctions imposed on Venezuela's oil industry and the tightening of sanctions on Iran, stockpiles continue to increase. I don't think it's necessary to take any immediate action.
The United States decided not to extend the sanctions exemption granted to Iranian oil buyers last year and to take a tougher position than expected.
"Our intention is to keep production below the voluntary production cap set by OPEC," Fallich said. He added that Riyadh would "respond positively to the needs of our customers, especially those who have been exempted and those whose exemptions have been revoked."
"We believe that real demand will rise, but we certainly will not act ahead to increase production," Fallich said.
He said Saudi oil production in May was almost the same as in the past few months. He said the June oil production quota would be decided early next month.


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