Saudi Arabia has ‘no intention’ of 1973 oil embargo replay

US Treasury in Talks Over Disconnecting Iran From SWIFT Amid Sanctions                AFP 2018

US Treasury in Talks Over Disconnecting Iran From SWIFT Amid Sanctions AFP 2018

Saudi Arabia has no intention of using its oil wealth as a political tool in the controversy over the killing of journalist Jamal Khashoggi. Russian Federation has also been angered by President Donald Trump's threat to pull out of a bilateral agreement to limit nuclear missile deployment.

OPEC itself estimates demand for its crude will fall to an average of 31.8 million bpd next year, from an average 32.8 million bpd this year. Over the weekend, the United States increased pressure on Riyadh with talk of possible sanctions.

In an effort to maintain stable supplies to the crude market, Al-Falih said he hopes the Organization of Petroleum Exporting Countries and its non-OPEC oil partners will sign an "open-ended" agreement in December.

In other news, USA drillers added four oil rigs in the week to October 19, bringing the total count to 873, Baker Hughes energy services firm said on Friday, raising the rig count to the highest level since March 2015.

Mr Falih said: "My role as the energy minister is to implement my government's constructive and responsible role and stabilising the world's energy markets accordingly, contributing to global economic development".

Saudi Arabia, the world's biggest oil exporter, has boosted production to 10.7 million barrels a day and is nearing an all-time high.

In addition to its crude investments, Saudi Arabia intends to partner in liquefied natural gas projects overseas and start trading LNG in the future.

The kingdom now holds the biggest spare capacity of around two million barrels which can be utilised when required.

"Investing in the capacity and producing the capacity will continue to be done", Falih said, despite complaining about the high cost of raising and sustaining such capacity.

The Saudi minister expected demand for oil, which now stands at around 100 million bpd, to rise to 120 million bpd over the next three decades. A lower price will help.

Most companies and countries are...

"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.

Additionally, U.S. Treasury Secretary Steve Mnuchin, visiting Israel this week, said on Sunday that it will be hard for countries to receive waivers on Iran oil sanctions.

Recommended News

  • Numbers Drawn for $476-Million Powerball Jackpot

    Numbers Drawn for $476-Million Powerball Jackpot

    Because no Mega Millions winners emerged, the next scheduled drawing on Tuesday was projected to be worth a record $1.6 billion . United Kingdom players can win a separate prize by betting on the numbers. "We tell them how to play it", she said.
    Man United mocked by Mario Balotelli for conceding late goal to Chelsea

    Man United mocked by Mario Balotelli for conceding late goal to Chelsea

    What happened with ( Maurizio) Sarri's assistant, Sarri was the first one to come to me and say he will resolve it. Still, it would be good for him, and United, for the story to focus on football once again.
    Real set unwanted record of 465 minutes without scoring

    Real set unwanted record of 465 minutes without scoring

    During the run, they were the far better side against Atletico Madrid , CSKA Moscow and arguably on Saturday against Levante . Jose Luis Morales and Roger put the Valencian outfit ahead before Marcelo pulled a goal back in the later stages of the game.
  • Prince Harry and Meghan begin tour of Fiji

    Prince Harry and Meghan begin tour of Fiji

    Prince Harry and his wife Meghan have arrived in Fiji , where they were greeted by a Guard of Honour at Nausori Airport. And just like the country welcomed Elizabeth and Philip all those times, they gave that same love to Harry and Meghan.
    Basketball: 2018/2019 season in NBA tips off

    Basketball: 2018/2019 season in NBA tips off

    Several others, including Tracy McGrady and Colin Cowherd, believe Boston will dethrone Golden State and win the NBA Finals. It might be too much for the Warriors to handle considering they still also have to re-sign Klay Thompson next summer, too.
    Trump Praises Montana Congressman Who Body-Slammed Reporter

    Trump Praises Montana Congressman Who Body-Slammed Reporter

    Knox added: "We should never shrug at the president cheerleading for a violent act targeting a free and independent news media". He then went on to concede that "I shouldn't say this" before continuing to declare "there's nothing to be embarrassed about".
  • Why Chelsea midfielder Ross Barkley has removed his tattoos

    Why Chelsea midfielder Ross Barkley has removed his tattoos

    The United boss reacted furiously at Ianni's taunts in front of his team's bench, following Ross Barkley's 96th minute equaliser. But the situation looks all the more bleak on Tyneside, with a fifth straight home loss piling pressure on manager Rafa Benitez.
    Facebook's WhatsApp Flooded With Fake News in Brazil Election

    Facebook's WhatsApp Flooded With Fake News in Brazil Election

    It also noted that it banned an account related to former Brazil president Dilma Rousseff, a member of the Workers' Party. WhatsApp confirmed that it had blocked Flavio Bolsonaro for "spam behavior" and reasons unconnected to the Folha report.
    PeeCee really excited for mom-to-be Meghan Markle

    PeeCee really excited for mom-to-be Meghan Markle

    The former Suits star and her husband Prince Harry , who Wednesday in May, announced last week that they are expecting a baby. The Duke will attend the cycling as scheduled this morning, and The Duchess will join him for this afternoon's engagements.
  • Terrifying Footage Shows Soccer Fans Go Flying on Runaway Escalator

    Terrifying Footage Shows Soccer Fans Go Flying on Runaway Escalator

    Footage on social media shows people being crushed at the bottom of the escalator as it runs out of control. Emergency services are at the scene and the station had been closed, Italian news agency Ansa reported.
    Multiple suspensions from Lakers-Rockets scuffle

    Multiple suspensions from Lakers-Rockets scuffle

    Saturday's on-court incident resulted in the suspensions of both players as well as Rondo's teammate, Brandon Ingram . He called Rondo's spitting "pretty disgusting". "Rajon has his own view of what happened", VanDeWeghe said.
    Thousands of Hondurans in U.S.-bound migrant caravan head into Mexico

    Thousands of Hondurans in U.S.-bound migrant caravan head into Mexico

    Thousands of Central American migrants fleeing poverty and violence were initially prevented from crossing the bridge. The Honduran Foreign Ministry said 2,000 migrants have returned, and hundreds more are on their way.

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.