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Citing OPEC and industry sources familiar with the matter, Reuters reported that Gulf OPEC producers could raise their oil output if there was enough demand following the U.S. action to end Iran waivers.  

“The question is how fast and by how much will OPEC raise output. This still needs to be done after consultations with other countries,” one source told Reuters and added:  “It needs to be discussed and studied. There is an (OPEC) agreement that must be respected, we will not (raise output) immediately for sure.”

Regarding Saudi Arabia’s oil output, two sources said that the May output was not expected to be higher than April.