Following a meeting here on Monday with Prime Minister Narendra Modi and chief executives of major global and Indian oil and gas companies, Saudi Petroleum Minister Khalid Al Falih said that Saudi Arabia expects its oil production to rise next month from 10.7 million barrels per day so as to counteract the shortfall resulting from the U.S. sanctions against Iran.
Benchmark Brent crude oil jumped by $1.49 a barrel to a high of $81.92 before giving up its gains to trade around $80.38, down 5 cents, by 1345 GMT.
The rise, reported by the US Energy Information Administration was nearly triple what analysts had forecast and further eased prices, which had hit four-year highs of $86.74 earlier this month.
Crude had rallied early Monday on tough rhetoric from U.S. President Donald Trump on the consequences should the Saudi government be found to have been involved in the disappearance of the journalist, Jamal Khashoggi, from the Saudi consulate in Istanbul, as well as implied threats from Riyadh over the impact that could have on global oil markets should the U.S. impose sanctions.
That build in reported United States oil stocks, by the Energy Information Administration (EIA), came as a surprise following reports of a draw, by the American Petroleum Institute (API).
Whether it's the need he's created for replacement supplies from Iran, or other actions by the US president, Trump's policies are now having a direct impact on where oil is flowing, said Eugene Lindell, an analyst at JBC Energy in Vienna. "Analysts added Saudi Arabia to the list of geopolitical concerns now impacting oil prices:In a note Monday morning, Goldman Sachs, referenced "...increased geopolitical risks, driven by elevated U.S. Such a move would roil markets, as the Saudis have not used oil as a policy weapon since the oil embargo of the early 1970s, and the market is already anticipating reduced supply when sanctions on Iranian oil exports resume on November 4.
Falih also said Saudi Arabia wants to invest in Indian downstream projects and strategic oil storage.
MRPL would look at buying Iraqi oil to replace Iranian oil, he said, adding that the company has already made some payments in rupees to Iran for oil.
India is the world's third biggest oil consumer and importer. They also expect to see declines in stockpiles of gasoline by 1.52 million barrels and distillates by 1.5 million barrels.
The U.S. sanctions against Iran is the cause of turmoil in oil prices in the global market, Tasnim news agency quoted Iranian Petroleum Minister Bijan Namdar Zanganeh as saying on Tuesday.
It wasn't patched until last month, after the company's engineers noticed some unusual activity that turned out to be the attack. When it first reported the breach September 28, Facebook said the number of those affected was about 50 million .
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The Aircraft Accident Investigation Bureau (AAIB) and the Directorate-General of Civil Aviation are inquiring into the matter. Later, a team of officials inspected the accident spot and found aircraft debris, indicating that the damage was significant.
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