Saudi Arabia oil minister: We will work with others to ensure oil supply

Comments from Al-Falih

• Saudi Arabia has a long history of working towards oil market stability
• In the next few weeks the Kingdom will consult closely with other producers and key oil consuming nations to ensure a stable and well-balanced market

They're not going to turn on the taps right away. It sounds like they want to see what happens after May 2, when the full sanctions kick in. No doubt they want Brent at $80 before they think about making a move.