Crude prices plunge as Saudi Arabia reassures market on supply

Crude prices plunge as Saudi Arabia reassures market on supply

Slowly but surely, geopolitical power is starting to ebb away from Saudi Arabia. This is the objective of the agreement: "monitor and stabilise", he said.

Saudi Arabia's Energy Minister says Riyadh can not compensate for possible oil disappearance from global markets in the wake of United States sanctions on Iran.

South Africa has, so far, maintained an aloof silence, which is understandable given our country's interest in, and relations with, Saudi Arabia.

"We have sanctions on Iran, and nobody has a clue what Iranians' exports will be. So we did our job and more", the crown prince claimed, prompting Zangeneh to dismiss the remarks as "nonsense".

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

"As long as America targets Iran, one of the biggest crude producers, with sanctions, the volatility in the oil market will continue", Tasnim news agency quoted Oil Minister Bijan Zanganeh as saying.

However, Saudi Energy Minister Khalid al-Falih said on Monday the country has no intention of cutting back oil supply.

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In other news, US 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.

Don't rule out that Saudi output to be 1-2mln b/d higher. "Therefore, Russia can not increase production further in the short term, without investing in its upstream industries".

USA crude fell US$3.17, or 4.6 per cent, to US$66.19 a barrel, after hitting a session low of US$65.74, the lowest level since August 20.

India can probably do without importing Iranian crude oil, the chairman of a Switzerland-based think tank told Times of India on Tuesday, but warned that the trade wars and tariffs are more worrisome for India's economy.

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.

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.

India-the world's third-largest oil importer and the second-biggest oil customer of Iran-is unlikely to see a long-term impact on its oil import bill from the USA sanctions on Iran's oil coming into force in less than two weeks, Frank-Jürgen Richter, chairman of independent think tank Horasis, told the Times of India.

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