Saudi energy minister Khalid al-Falih said at an investment conference in Riyadh on Tuesday that despite expected supply disruptions from United States sanctions against Iran that kick in from November 4, Saudi Arabia would step up to "meet any demand that materialises to ensure customers are satisfied".
"I believe that our (oil) exports could continue at a suitable level and..."
"It will become an open-ended agreement to continue to monitor (the oil market) and stabilise it", Falih said.
"We will decide if there are any disruptions from supply, especially with the Iran sanctions looming".
According to Mriganka Jaipuriyar, associate editorial director at S&P Global Platts, oil markets will remain on tenterhooks as there is lack of clarity on Iran's real crude oil export volumes. Elsewhere, gold has climbed to a three-month high.
Maintaining CBI's integrity is a precondition, says FM Arun Jaitley
The CBI spokesperson's response came after he was asked about the present status of Verma and Asthana in the CBI. The court issued a stay on any action by the CBI against Asthana till 29 October.
China opens world’s longest sea bridge, linking Hong Kong to mainland
A total of seven workers have died - and a further 129 injured - since construction began, with many having slipped or fallen. The bridge will not open for public transport and hence there will be private shuttle facilities for travellers.
Trump, China tariff, trade war: US postal treaty pull out attacks China
Despite the ongoing trade conflict , the Trump administration has again decided not to brand China a currency manipulator. Officials said they hope the notice of withdrawal will set the stage to agree a better deal.
Oil fell near the lowest level in two months as a rout in USA stocks prompted investors to flee risk assets and as American crude inventories continued to rise. USA crude dropped 30c to $66.13. The contract rose 39 cents on Wednesday.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.4 million barrels, EIA said. Meanwhile, Russia suggested its current output is higher than in September. On Tuesday, the API (American Petroleum Institute) reported a build of 9.9m barrels vs. the expectations of 3.7m barrels. Over the past four weeks, crude oil imports averaged about 7.7 million barrels per day, 0.7 percent more than the same four-week period a year ago.
According to the EIA's report, US crude oil refinery inputs averaged 16.3 million barrels per day during last week, which was 48,000 barrels per day less than the previous week's average. The U.S. has received 3.22 million barrels of Brent crude so far this year, the largest intake since at least 2013, according to customs data compiled by Bloomberg.
The uncertainty and volatility in the market prompted an abundance of caution from the first major oil producers to report third-quarter earnings.
Saudi Arabia said on Thursday the oil market could be shifting towards oversupply in the fourth quarter of the year as oil inventories rise and demand slows, and the top oil exporter will "mirror" such changes in its production.