Oil steadies as Saudi Arabia plans output increase

Brent oil holds near $80 as Saudi Arabia plans output increase

Brent oil holds near $80 as Saudi Arabia plans output increase

Riyadh, long the world's biggest oil producer, hiked prices sharply during the 1973 Yom Kippur War, setting off a wave of inflation that plunged developed economies into years of crisis.

Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once USA sanctions against Iran's crude exports are implemented next month.

Falih heaped praise on the CEO of French energy giant Total, Patrick Pouyanne, for standing by Saudi Arabia in this hard period.

Peter Kiernan, lead energy analyst at the Economist Intelligence Unit in Singapore, said a Saudi cutback would be self-defeating as "Saudi Arabia would. risk losing market share to other exporters while losing its reputation as a stable actor in the market". "No one else will believe him", the Iranian minister said then.

Ministers from Britain and France and the United States, which have huge defence deals at stake with Saudi Arabia, have stayed away.

The oil market has been concerned that Saudi Arabia might cut crude supply in retaliation for potential sanctions over the killing of journalist Jamal Khashoggi.

"Saudi and Russian oil production is now close to its highest historical level, and the two countries have no additional capacity to produce more and replace Iran's oil", he added.

4th ODI, England tour of Sri Lanka at Kandy, Oct 20 2018
With England on 132 for two from 27 overs, Root (32) and Morgan (31) seemed well placed to put their side on the route to victory. Except that Plunkett is now a player on the England cricket tour.

United Kingdom might need to seek a short extension to Brexit transition: May
Brussels is now considering this but has not been prepared to accept the proposal so far. A backstop proposal could not be time limited as it would not be a backstop.

Jose Mourinho 'favourite for Real Madrid job'
Without their all-time record goalscorer, Real Madrid have managed just one goal in their last five outings in all competitions. It's Real Madrid's worst start a season since 2001 - while Juventus are enjoying their best ever start to a Serie A campaign.

Don't rule out that Saudi output to be 1-2mln b/d higher.

Oil prices fell on Tuesday after Saudi Arabia pledged to play a "responsible role" in energy markets, although sentiment remained nervous in the run-up to USA sanctions against Iran's crude exports that start next month.

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.

U.S. West Texas Intermediate and international-benchmark Brent crude oil are under pressure Tuesday.

"Tariff concerns, renewed weakening in Chinese equities, emerging market worries and the ongoing investigations of the Saudi participation in the Khashoggi murder are combining to force major liquidation out of the equity space that is easily flowing into the oil complex", said Jim Ritterbusch, president of Ritterbusch and Associates in a note.

US Treasury Secretary Steven Mnuchin told Reuters on Sunday that it would be harder for countries to get sanction waivers than it was during the previous Obama administration, when several countries, especially in Asia, received them.

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