Saudi Arabia says scandal over Khashoggi killing won't trigger another oil crisis

Saudi Arabia says scandal over Khashoggi killing won't trigger another oil crisis

Slowly but surely, geopolitical power is starting to ebb away from Saudi Arabia.

U.S. Treasury Secretary Steven Mnuchin, in an interview with Reuters on Sunday, dismissed concerns that oil prices could rise, saying the market had already factored in the supply losses. This is the objective of the agreement: "monitor and stabilize", he said. "In my opinion, this violation has taken place under American pressure on the Saudi rulers", he told Ministry of Petroleum's Shana news outlet.

Oil prices fell earlier on Tuesday after Saudi Arabia's energy minister sought for a second straight day to assure markets the kingdom will keep the world adequately supplied with crude.

While Saudi Arabia is intent on making up for lost barrels, the outlook for demand next year is deteriorating.

USA crude inventories probably rose 3.7 million barrels last week, according to a Bloomberg survey of analysts. Over the weekend, the U.S. increased pressure on Riyadh with talk of possible sanctions.

On Tuesday, Zangeneh reiterated Iran's position that neither Saudi Arabia nor Russian Federation can replace Iranian oil. And those interests are what many countries are considering as they look at the role the Saudi Arabian government may have played in the killing of one of its most prominent critics, journalist Jamal Khashoggi.

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Peter Kiernan, lead energy analyst at the Economist Intelligence Unit in Singapore, said a Saudi cutback would be self-defeating as "Saudi Arabia would. risk losing market share to other exporters while losing its reputation as a stable actor in the market".

"I dont rule out that the kingdom´s production which has been 9-10 (million barrels per day) over the last decade or so will be a million to two millions (barrels) higher", Falih said, without providing a time frame. "So we have to use oil reserves", he said. "Therefore, Russia can not increase production further in the short term, without investing in its upstream industries".

"If 3 million barrels per day disappears, we can not cover this volume".

Meanwhile, Russia's oil production is now 150,000 bpd higher than the October 2016 level, the baseline for the global oil production deal, TASS news agency quoted Energy Minister Alexander Novak as saying.

The United States has recently hinted that it was at least considering waivers, but U.S. Treasury Secretary Steven Mnuchin said over the weekend that it would be more hard for Iranian oil customers to get waivers from the sanctions than it was during the Obama administration, and the U.S. would issue waivers, if any, only to buyers that have significantly reduced Iranian purchases.

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