Sunday, 16 December, 2018

USA issues warning to Russian Federation about helping Iran escape upcoming oil sanctions

Oil rises above $80, Saudi Arabia plans output increase US issues warning to Russia about helping Iran escape upcoming oil sanctions
Kelvin Reese | 24 October, 2018, 19:15

While a steep decline in USA equity markets contributed to some of the weakness on Tuesday, the markets were initially driven lower after Saudi Energy Minister Khalid al-Falih said that despite expected supply disruptions from US sanctions against Iran that kick in on November 4, Saudi Arabia would step up to "meet any demand that materializes to ensure customers are satisfied".

On Tuesday, Zangeneh reiterated Iran's position that neither Saudi Arabia nor Russian Federation can replace Iranian oil. USA light crude dropped $3.03, or 4.4 percent, to $66.33 a barrel, after earlier hitting a two-month low at $65.74.

A sell-off in equities due to concern about the economic outlook also weighed on crude on Tuesday.

Saudi Arabia is in "crisis" over the murder of the journalist Jamal Khashoggi, the country's energy minister, Khalid Al-Falih, warned today.

Falih said Saudi Arabia would soon raise output to 11 million barrels per day (BPD) from the current 10.7 million.

The Dow Jones Industrial Average fell more than 450 points, with industrial bellwethers Caterpillar and 3M leading the index lower and stoking concerns about slowing global economic growth.

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

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Saudi Arabia calls Khashoggi killing 'grave mistake', says prince not aware
Some governments and prominent executives have said they would pull out of a forthcoming investment conference in Saudi Arabia . Khashoggi had entered the consulate on October 2 to get paperwork to marry his fiance, Hatice Cengiz, and never came out.

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He added: "It's independent, so I don't speak to [Federal Reserve Chair Jerome Powell] but I'm not happy with what he's doing". Louis Fed President James Bullard said on Thursday, pressing an argument he has made over the past two years.

The killing of journalist and US resident Jamal Khashoggi by Saudi agents has stirred calls for USA sanctions on the kingdom.

"Oil prices fell substantially.as Saudi Arabia released assurances it could supply more to the global market", Australia's Rivkin Securities said. Falih said on Monday there was no intention of doing that.

"The big unknown is how much Iranian oil will be off the market and we'll know in about a month's time".

US sanctions on Iranian oil begin on November 4 and Washington has said it wants to stop all of Tehran's fuel exports, but other oil producers are pumping more to fill any supply gaps.

Iranian oil minister says sanctions won't stop them from exporting oil.

Meanwhile, Russia's oil production is now 150,000 bpd higher than the October 2016 level, the baseline for the global oil production deal, TASS news agency quoted Energy Minister Alexander Novak as saying.

In the United States, commercial crude inventories rose by 9.9 million barrels in the week to October 19 to 418.4 million, industry group the American Petroleum Institute said on Tuesday.

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