Saudi Arabia Says It Will Increase Output To Keep Oil Market Stable

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Asked whether India has sought waiver from the United States related to Iranian oil imports as Indian oil firms have booked Iranian oil cargo for November, he said "sentiment" rather than availability is the issue. Retail prices for gasoline and diesel fuel in India are at record highs and the government has cut its excise tax on fuel to ease some of the pain for consumers.

"We could have another (round of) unanticipated disruptions that we have seen in Nigeria, Libya and Venezuela".

"While some countries have stopped buying oil from Iran, we have found new partners", he was quoted as saying by Iran's IRIB broadcaster on October 15. Senior officials on Monday had said that Indian oil companies have optional volumes built in their annual crude oil purchase contracts with suppliers like Saudi Arabia and Iraq that will be more than enough to make up for any shortfall in supplies from sanctions-hit Iran.

Khalid al-Falih, the energy minister of the kingdom, said it will continue to be responsible and help keep oil markets stable.

In Saudi Arabia, the potential slaying of a journalist within the Saudi embassy in Turkey is drawing fierce lashback from the global community, prompting threatening Tweets from US President Donald Trump, and Saudi Arabia has doubled down on their stance, threatening to allow the bottom to drop out on Saudi crude production and allowing crude prices to reach $100 per barrel if the US were to take any action.

Lionel Messi's Argentina absence a pity for football Neymar
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"America thinks Saudi Arabia can replace this oil".

While most oil analysts have attributed the sharp rise of premium crude prices since April to over $80 a barrel at least in part to the loss of Iranian exports, the USA special envoy for Iran, Brian Hook, told reporters in Paris on October 15 that the market is doing fine with less Iranian oil.

The last time South Korea did not import oil from Iran was September 2012, according to customs data.

Balancing the US data were reports that Iranian exports of crude oil may be falling faster than expected ahead of new USA sanctions on Tehran from November 4.

Falih also said Saudi Basic Industries Corp (SABIC) is keen to invest in India's chemicals sector.

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