Monday, 19 November, 2018

Oil prices fall as stock markets plunge

Saudi Arabia is ready to raise its output to 11 million barrels a day “in the near future” Energy Minister Khalid Al-Falih Saudi Arabia is ready to raise its output to 11 million barrels a day “in the near future” Energy Minister Khalid Al-Falih
Andy Castillo | 26 October, 2018, 04:34

The kingdom has already boosted oil production to 10.7 million barrels a day, near an all-time high, and it can increase it even more to help plug any supply shortfalls due to USA sanctions against Iran's energy industry, Saudi Energy Minister Khalid Al-Falih told a conference in Riyadh.

Oil rose towards $77 a barrel on Wednesday after hitting a two-month low as the focus returned to looming USA sanctions on oil exporter Iran, although concern about a weaker demand outlook weighed. Despite the global sell-off, oil markets are supported by concerns over the impact of USA sanctions on Iranian crude exports, which kick in from November 4.

Brent crude, the global benchmark, has dropped nearly 10 percent from a four-year high of $86.29 a barrel on October 3 as Saudi Arabia and Russian Federation promised extra supplies and US stockpiles climbed.

The higher crude oil prices at the end of 2018 and in 2019 will likely support increased global crude oil production.

In value terms, India imported $0.91 billion worth of crude oil from Iran in September alone, a 60 per cent jump over $0.57 billion worth of crude imported in the same month past year.

Oil prices fell earlier after Saudi Arabia's energy minister sought for a second straight day to assure markets the kingdom will keep the world adequately supplied with crude. This decline is similar to the drop in Iran's crude oil production that occurred when sanctions on Iran's Central Bank were imposed in 2012.

"The headline number was a little bearish on crude but with the drop in gasoline supplies and an uptick in refinery runs, the market is holding in there pretty good", said Phil Flynn, analyst at Price Futures Group in Chicago.

Police Investigate Suspicious Package Addressed to Robert De Niro in Tribeca
Investigators found three more pipe bombs: one sent to actor Robert De Niro and the others to former Vice President Joe Biden . The one addressed to Holder ended up at the Sunrise, Fla., office because its address to Holder was incorrect, officials said.

Bijan Zangeneh wrote to his Saudi counterpart Khalid al-Falih in July to remind that OPEC's supply pact did not give member countries the right to raise oil production above their targets.

Last month, the price of crude oil rose sharply as investors braced for low supplies after Iran's oil is cut off.

"The market looks negative with lower numbers likely", said Robin Bieber, technical analyst at London brokerage PVM Oil.

United States had in May walked out of the Joint Comprehensive Plan of Action (JCPOA) with Iran and re-imposed economic sanctions on that country.

"I believe that our (oil) exports could continue at a suitable level and..." Meanwhile, Russia suggested its current output is higher than in September.

Net U.S. crude imports fell last week by 335,000 barrels per day.

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