Saudi Oil Chief: OPEC's in 'Produce as Much as You Can' Mode

Why India needs to rethink its relationship with OPEC

Why India needs to rethink its relationship with OPEC

The decisions by the state oil majors came after two visits each around June and September by officials from the US State Department including Francis Fannon, Assistant Secretary for the Bureau of Energy Resources, said the same senior person. "Two of our oil companies have made nominations to purchase Iranian oil in November".

Mr Falih added that Saudi Arabia will raise oil output to 11 million barrels per day from 10.7 million.

US Treasury Secretary Steven Mnuchin on Sunday dismissed concerns that oil prices could rise, saying the market had already factored in the loss of Iranian oil.

Indian Oil Corporation (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have reportedly placed order for 1.25 MT of crude oil from Iran. According a Reuters source, us officials visited Sinopec in Beijing in August and demanded steep reductions of oil imports from Iran. The US has not imported crude oil and condensate from Iran in several decades. There were some concerns the kingdom could use oil as a "weapon" if sanctions were imposed on it by the U.S. and its allies as a result of the killing of the journalist Jamal Khashoggi.




In an indication of increasing appetite for USA crude, India's oil imports from the United States during the first six months of 2018-19 rose ten times to 3.03 MT as compared to 0.28 MT of crude imported in the corresponding period last fiscal.

The minister indicated that the agreement starts in January 2019 and will allow oil countries to intervene to re-balance the market in any appropriate time from January onward.

Iran sanctions are around the corner (in November), but for now the crude oil market seems to be focused on lower global stocks (lower growth?) and the Saudi murder of Jamal Khashoggi. U.S. President Donald Trump is counting on Saudi cooperation to soften potential price increases from the sanctions that take effect next month. "That policy has been consistent for many years", Falih said. The bank expects Brent to trade at $85 to $90 a barrel in the next three to six months. Add to that higher Russian production, a return of Libyan output, and the market is finding healthy supply just at a time when demand is waning. Last week, data from the EIA showed that inventories were at 6.5 million barrels. Oil prices have jumped over 40 per cent since January a year ago thanks to the global oil cuts and more recently concern about dwindling production from major oil producers, including Iran.

"Brent and WTI got caught up in the risk-off markets and the API release later in the day didn't offer any chance of reprieve as it reported a huge build of 9.88m barrels, against expectations of a much smaller increase".

Recommended News

  • Andrew Klavan Slams The Left For Attacking Megyn Kelly

    Andrew Klavan Slams The Left For Attacking Megyn Kelly

    You can not take away the history about what blackface meant", Sharpton said of her original statements. As a kid? Not so much then either, although it's your parents who'll get the amusing looks, not you.
    Apple confirms iPad and Macbook event will happen on October 30

    Apple confirms iPad and Macbook event will happen on October 30

    Apple is hosting an event on Tuesday, October 30 , where it is expected to announce more product updates, including new iPads. The new iPhone XR will be available to pre-order from tomorrow but that's not the only launch coming from Apple in October.
    Messi breaks right arm, out for about 3 weeks

    Messi breaks right arm, out for about 3 weeks

    Messi was hurt in the first half of Barcelona's 4-2 win against Sevilla at Camp Nou Stadium. It was Messi's pass that set up Philippe Coutinho's opening goal in the second minute.
  • Man arrested for threatening Kavanaugh-supporting senators

    Man arrested for threatening Kavanaugh-supporting senators

    This confirmation shifted the court in favor of those who have an originalist and contextualist view of the constitution. The Democrats, who championed Ford's testimony, never had any intention of protecting Ford or Kavanaugh.
    6 people shot and injured near Jacksonville Jaguars stadium

    6 people shot and injured near Jacksonville Jaguars stadium

    Six people were injured Sunday in a shooting that took place five blocks away from TIAA Bank Field in Jacksonville, Florida. Shots were then fired from the passenger side of the vehicle.
    New Report Reveals Why Netflix and Marvel Cancelled Luke Cage

    New Report Reveals Why Netflix and Marvel Cancelled Luke Cage

    After clearing his name, Luke Cage has become a celebrity on the streets of Harlem with a reputation as bulletproof as his skin. And now, let's cross our collective fingers and toes that it won't join Iron Fist and Luke Cage on the chopping block.
  • Raiders' Belief In Derek Carr Has 'Deteriorated'

    Raiders' Belief In Derek Carr Has 'Deteriorated'

    At this point, Jon Gruden is coaching and orchestrating like a man who knows he'll be employed far longer than any of his players. Raiders Speculation now turns to Carr, whose contract has four years remaining at an average of $19.6 million per season.
    Election caravan swells to 5,000

    Election caravan swells to 5,000

    And according to worldwide law, the USA can not deport asylum seekers without first determining the validity of their claim. President Trump on Sunday called the caravan a "disgrace" and blamed Democrats, federal courts and the migrants themselves.
    Spotify premium users get better navigation, personalised search and endless Artist Radio

    Spotify premium users get better navigation, personalised search and endless Artist Radio

    At the top of the page is a "Your top genres" section that'll change over time based on your current listening habits. There is a redesigned Search page to be your "new one-stop destination for artists, albums, podcasts, and more".
  • Ohio State drops from No. 2 to No

    Ohio State drops from No. 2 to No

    Ohio State's loss to Purdue provides a shakeup to the College Football Playoff , and the bowl projections as a result. Until today, the Big Ten's best chance to get two teams in would have been MI winning out and winning the Big Ten.
    Punches Thrown During Lakers-Rockets Brawl

    Punches Thrown During Lakers-Rockets Brawl

    They have a history of raising the ire of the other, going back to at least 2009 during a Boston-New Orleans game. Barring an appeal, Ingram and Rondo will start their suspensions tonight when the Lakers host the Spurs .
    Amritsar Train Accident: Gateman denies allegations

    Amritsar Train Accident: Gateman denies allegations

    The train driver has been detained at the Ludhiana railway station and questioned by the Punjab and Railway Police Saturday. India's state railways, largely built during British colonial rule, have long faced criticism for their safety record.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.