Saudi Oil Minister Ali al-Naimi said on Wednesday, May 9, oil markets would remain well-supplied even after fresh international sanctions against Iran take effect, as global crude oversupply is already as much as 1.5 million barrels per day (bpd), Reuters reported. When asked if he saw oil supplies tightening in coming months as U.S. and European Union sanctions on Iran’s oil exports take effect in June and July, Naimi said: “Absolutely not.” The Organisation of Petroleum Exporting Countries (OPEC) pumped about 1.3 million barrels per day above its output target in March, according to the group’s monthly report in April. Saudi Arabia, the world’s top crude oil exporter, is pumping around 10 million bpd and is storing 80 million barrels to meet any sudden disruption in supplies, Naimi said.