Published: Wed, October 17, 2018
Markets | By Otis Pena

Saudi oil output expected to rise next month: Falih

Saudi oil output expected to rise next month: Falih

Saudi Arabia has not only called the end of Russia's prominence as a global oil behemoth, but anticipates that Russia's oil exports "will have declined heavily if not disappeared" within the next 19 years, Mohammed bin Salman said in a recent interview with Bloomberg.

India, the world's third-biggest oil importer, is facing record high retail prices as worldwide crude rate soared and rupee value dipped.

Brent crude prices were trading 80 cents a barrels higher at $81.23 by 11.57 GMT.

The United States plans to impose new sanctions targeting Iran's oil sector on November 4 to try to stop the country's involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile programme. "Rising U.S. oil production is one key reason why the globaloil market is likely to be amply supplied next year".

The Kingdom expects its oil production to rise next month from the current 10.7 million barrels per day, Saudi Energy Minister Khalid Al-Falih said.

U.S. crude stockpiles are expected to have risen last week for the fourth straight week, by about 1.1 million barrels, according to a Reuters poll ahead of reports from the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA).

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India is the world's third biggest oil consumer and importer.

In the January-September period of the year, 110.45 million tonnes of crude oil, were imported into South Korea, almost unchanged from 110.44 million tonnes over the same period last year.

He said the developments show that the United States "will definitely not be able to cut Iran's oil exports to zero" - the goal set by US officials - when sanctions targeting the oil sector go into effect on November 5.

The October exports are a sharp drop from the 2.5 million bpd in April before US President Donald Trump withdrew from a multilateral nuclear deal with Iran in May and ordered the re-imposition of economic sanctions on the country, the data showed.

Tension over the disappearance of a Saudi Arabian journalist Jamal Khashoggi in Turkey also remain. Turkish authorities have claimed they have proof the journalist was tortured, killed and dismembered at the Saudi consulate in Istanbul.

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