Saudi Arabia’s energy minister said on Wednesday he saw no need to raise oil output immediately after the United States ends waivers granted to buyers of Iranian crude, but added that the kingdom would respond to customers’ needs if asked for more oil. Khalid al-Falih said he was guided by oil market fundamentals not prices, and that the world’s top oil exporter remained focused on balancing the global oil market. “Inventories are actually continuing to rise despite what is happening in Venezuela and despite the tightening of sanctions on Iran. I don’t see the need to do anything immediately,” Falih said in Riyadh. The United States has decided not to renew exemptions from sanctions against Iran granted last year to buyers of Iranian oil, taking a tougher line than expected. “Our intent is to remain within our voluntary (OPEC) production limit,” Falih said, adding that Riyadh […]