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Saudi Arabia does not plan to increase oil production in the near future after the US introduced a total ban on the import of Iranian oil, said Iranian Energy Minister Khalid al-Falih, Reuters reported.

“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.

His comment came amid rumors that the kingdom, the world's largest exporter of oil, could increase oil production to fill the gap, after banning imports of Iranian oil.

According to him, although the kingdom does not plan to increase production soon, Riyadh seeks to balance the oil market

The US administration has officially announced that it will not extend the exemption from the sanctions on the Iranian oil imports. Note that the current exemption from sanctions, which China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey received, will expire on May 2.

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