Oil dips as Saudi Arabia pledges to play 'responsible role' in market

Brent oil holds near $80 as Saudi Arabia plans output increase
US issues warning to Russia about helping Iran escape upcoming oil sanctions
Author

24 October, 2018

"Significant investment flows" have returned to the oil and gas industry that will bring on new supplies to help replace losses in areas such as the North Sea and in some OPEC countries, he said.

"It would be in Russia's best interests not to facilitate Iranian evasion of US sanctions". "So we did our job and more", the crown prince claimed, prompting Zangeneh to dismiss the remarks as "nonsense".

Riyadh's changing accounts of what happened to Khashoggi, an insider turned critic of the government, have run into increasing western scepticism, with even firm ally US President Donald Trump saying the government had lied about what happened.

On Tuesday, Zangeneh reiterated Iran's position that neither Saudi Arabia nor Russian Federation can replace Iranian oil.

Saudi Energy Minister Khalid Al-Falih said OPEC and its allies are in "produce as much as you can mode". "As I have said many times, there is no replacement for Iranian oil in the market", he said.

Speaking to Russia's TASS news agency about whether there could be a 1973-style oil embargo on the West, which saw petrol prices rocket after Saudi Arabia slapped countries including the USA with a ban, Mr Falih said: "There is no intention".

Saudi's foreign minister Adel al-Jubeir said to USA broadcaster Fox: "This was an operation that was a rogue operation".

Purdue throttles No. 2 Ohio State to earn shocking upset
Quarterback Trevor Lawrence passed for a career-high 308 yards, helping Clemson top N.C.State for the seventh straight time. LSU easily dispatched Misssissippi State on Saturday while Michigan beat Michigan State.


Prince Harry and Meghan visit Dubbo during Royal Tour of Australia
However, the heavens opened during the royal visit, pelting the crowds with heavy rain and hail. "You are the salt of the earth". One of the key universal wardrobe staples is a killer pair of denim jeans that fit like they were custom made for you.


Riyad Mahrez wastes chance of revenge as Manchester City nullify Liverpool
Pep Guardiola apologised to Gabriel Jesus after taking the penalty off him in Manchester City's 0-0 draw at Liverpool . Click on the video above to enjoy extended highlights ...


Saudi Arabia, the world's biggest oil exporter, has boosted production to 10.7 million barrels a day and is nearing an all-time high. "Therefore, Russia can not increase production further in the short term, without investing in its upstream industries". Even still, the outlook for next year is "very unpredictable" in terms of both supply and demand, Al-Falih said.

Zanganeh reiterated his Monday remarks that Iranian oil output can not be replaced by that of other oil-producing countries if Tehran is hit by USA sanctions.

Falih said oil producers will continue to monitor supply and demand in the market, especially with the Iran sanctions about to kick in, and would be ready to act if needed.

Additionally, Fatih Birol, executive director of the International Energy Agency (IEA), said on Monday that other producers may struggle to fully make up for the expected Iran disruption, and that oil prices could rise further.

Concerns about the health of the global economy, leading to the equities selloff, are seeping into the oil market.

Oil prices spiked on the move, as they did later in 1979 because of the Iranian revolution.


More news


  • Did Meghan Markle snub Melbourne designers on royal tour?

    Did Meghan Markle snub Melbourne designers on royal tour?

    VideoWATCH: 5-year-old Luke Vincent from Buninyong Public School has stolen the show, giving Prince Harry a big hug and stroking his beard.

    Canelo Alvarez Signs Richest Boxing Contract Ever: $375 Million For 11 Fights

    The agreement is part of a broader deal between DAZN and Golden Boy Promotions , the fight organization founded by former champion boxer Oscar De La Hoya.
    Africa’s youngest billionaire Mohammed Dewji abducted in Tanzania

    Africa’s youngest billionaire Mohammed Dewji abducted in Tanzania

    According to The Guardian , the regional governor, Paul Makonda, said Mr Dewji was kidnapped by whites travelling in two vehicles. The motive for the kidnapping is still unknown, although police expect this to be a "ransom" kidnapping.
  • The Debate - Missing Saudi Journalist

    The Debate - Missing Saudi Journalist

    Saudi Arabia on Saturday conceded journalist Jamal Khashoggi died inside the Saudi consulate in Istanbul , as Turkey has alleged. Turkish police and prosecutors this week searched both the consulate as well as the consul's residence in Istanbul .
    IPhone XR first hands-on impressions hit the web

    IPhone XR first hands-on impressions hit the web

    For selfies, the iPhone XR sports a 7MP selfie camera with a f/2.2 aperture along with a TrueDepth camera for FaceID. The iPhone XR runs the A12 Bionic chipset under the hood with the next-generation neural engine.
    Motorists urged to exercise extreme caution in Storm Callum aftermath

    Motorists urged to exercise extreme caution in Storm Callum aftermath

    Storm Callum is weakening after its gusty winds and strong rains killed two people and caused damages in some parts of Britain. Things will clear up a little overnight, however more rain will push up through the south west in the early hours of Sunday.
  • ‘Extremely dangerous’ Hurricane Willa aims for Mexico’s west

    ‘Extremely dangerous’ Hurricane Willa aims for Mexico’s west

    Schools close to the coast in Sinaloa and Nayarit states have been ordered to close, and emergency shelters are being prepared. A tropical storm warning is in effect for Playa Perula to San Blas and north of Mazatlan to Bahia Tempehuaya.
    Mexico deploys hundreds of riot police as migrants near

    Mexico deploys hundreds of riot police as migrants near

    However, by the end of Thursday, the USA president was also thanking Mexico for its efforts to contain the caravan . The group chanted: 'We are not smugglers, we are migrants , ' as they reorganized themselves on Friday afternoon.
    Ariana Grande and Pete Davidson split, end engagement

    Ariana Grande and Pete Davidson split, end engagement

    And now, a source close to People's magazine has said that they have indeed broke up and it is not shocking to anyone. Amidst the reactions and speculation on the relationship, a recent SNL clip of Davidson has been making the rounds.
  • American pilot killed in Ukrainian Air Force fighter jet crash

    American pilot killed in Ukrainian Air Force fighter jet crash

    Ukrainian Air Force pilot and instructor Ivan Petrenko and the U.S. pilot, whom the authorities have identified only as a U.S. European Command's State Partnership Program , and this exercise will include robust participation of California ANG units".
    Palestinian woman dies after West Bank stone-throwing

    Palestinian woman dies after West Bank stone-throwing

    On Friday, Gaza health officials said Israeli forces killed seven Palestinians in protests along Gaza's border. The majority were killed during border demonstrations, though others have died in airstrikes and tank shelling.
    Intel unveils 9th generation CPU, calls it

    Intel unveils 9th generation CPU, calls it "best gaming processor"

    Intel's 9th Gen Core-X series and K-series also finally switch from TIM to Solder, which should help with thermals quite a bit. When it comes to video production, these new CPUs are up to 41% faster in Adobe Premiere compared to the previous generation .