Riyadh — Saudi Arabia has no immediate plans to raise oil output, Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said Wednesday.

"(Global) inventories are continuing to rise despite what's happening in Venezuela and tightening sanctions on Iran," Falih told the Financial Sector Conference in Riyadh.

"So I don't see the need to do anything immediately."

Falih said that while the Kingdom had no immediate plans to boost output, Riyadh was committed to balancing the oil market.

"We will not leave our customers scrambling for oil," he said.

Countries looking to replace Iranian crude "know which number to dial," he added.

"Our intent is to remain within our voluntary (OPEC) production limit," Falih said, adding that Riyadh would "be responsive to our customers, especially those who have been under waivers and those whose waivers have been withdrawn."

"We think there will be an uptick in real demand but certainly we are not going to be pre-emptive and increase production," the minister said.

He said Saudi Arabia's oil production in May was pretty much set with very little variation from the last couple of months. June crude allocations would be decided early next month, he said.

Falih said there would most likely be "some level of production management beyond June" by OPEC and its allies, but it was too early to predict the output targets now.

Brent crude futures fell on Wednesday, trading at $74.18 per barrel at 0848 GMT, after the International Energy Agency said oil markets were "adequately supplied" and "global spare production capacity remains at comfortable levels."

Saudi Arabia plans to sell more bonds and the debut dollar debt offering by Saudi Aramco is “only the beginning,” Falih said.

“There will be more,” he said the conference. “I won’t tell you what and when, and it won’t be bonds only.”

Aramco, the world’s biggest oil exporter, raised $12 billion from international bond markets this month in in one of the most oversubscribed debt offerings in history. The demand for the debut offering was so robust it allowed the energy giant to borrow at a lower yield than its sovereign parent.

“Aramco sooner than you think will be accessing equity markets,” he said.

The 2021 IPO date for the company “could slip a little bit, could come forward.” — Agencies