Saudi Arabia affirmed it won't increase oil output
Saudi Arabia affirmed it won't increase oil output in response to the U.S. decision to call time on its sanctions waivers for buyers of Iranian crude. Saudi's energy minister, Khalid al-Falih, said earlier that "there will be very little variation" in the nation's crude output in May from the past couple of months. This has seen oil prices, which have corrected from yesterday's six-month highs, pare intraday losses. WTI futures are presently down by 0.3% at $66.11, up from the intraday low at $65.78. Yesterday's trend high is at $66.60, which the loftiest levels seen since late October last year. WTI benchmark crude prices are up 45.6% on the year-to-date, though are down by 2.8% from year-ago levels. Market narratives have been talking about $70.0 as being a key threshold for WTI prices, both in terms of the global inflationary impact and the point where impetus for Saudia Arabia and other key oil producers to increase supply would increase.