Oil price falls below $78 as Saudi Arabia offers more supply

24 October, 2018, 01:46 | Author: Elaine Woods
  • Khashoggi’s death exposes ‘friends’

"The full impact of the US-China trade war will hit markets in 2019 and could act as a considerable drag on oil demand next year, raising the possibility of the market returning to surplus", said Emirates NBD bank in a note. This is the objective of the agreement: "monitor and stabilize", he said.

U.S. WTI crude oil -2.6% to $67.56/bbl and Brent -2.3% to $78.01/bbl after Saudi Arabia said it could supply more crude quickly if needed.

Saudi Arabia said last week it would retaliate against any punishment for the killing. "And that happened", he told Bloomberg in an interview.

The American Petroleum Institute is scheduled to release data on U.S. crude stockpiles on Tueday afternoon, followed by more comprehensive report by the U.S. Department of Energy on Wednesday. "So we did our job and more", the crown prince claimed, prompting Zangeneh to dismiss the remarks as "nonsense". U.S. President Donald Trump is counting on Saudi cooperation to soften potential price increases from the sanctions that take effect next month.

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

Most companies and countries are... "But Saudi Arabia is a very responsible country, for decades we used our oil policy as (a) responsible economic tool and isolated it from politics", al-Falih said. If US crude drops below $US65, a psychologically important figure, that could trigger further technical selling, traders said.

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Mr Falih added that Saudi Arabia will raise oil output to 11 million barrels per day from 10.7 million. "Therefore, Russia can not increase production further in the short term, without investing in its upstream industries".

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.

Saudi Arabia gave the strongest indication yet it's trying to stop oil prices from rising, saying that OPEC and allies are in a "produce as much you can mode" to meet demand and replace any looming shortages.

Washington plans new sanctions targeting Iran's oil sector from November 4 with the aim of stopping the country's involvement in conflicts in Syria and Iraq, and bringing Tehran to the negotiating table over its ballistic missile programme.

There has been concern that just as markets tighten with the start of the US sanctions against Iran, Saudi Arabia could cut crude supply in retaliation for potential sanctions against it over the Khashoggi killing.

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

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