USA issues warning to Russian Federation about helping Iran escape upcoming oil sanctions

Saudi Energy Minister Khalid al Falih said Saudi Arabia would soon raise output to 11 million barrels per day from the current 10.7 million

"Now we have to wait and see if this continues to spiral out of control", said Gene McGillian, vice president of market research for Tradition Energy in Stamford, Connecticut. But the scandal does reveal one thing.

Saudi Arabia's energy minister has used public comments over the past week to tone down the kingdom's veiled threat to use oil as a political weapon to retaliate against possible sanctions related to the Khashoggi killing.

Saudi Arabia has already boosted its daily output to well over 10.5 million bpd to meet rising demand in the wake of several production disruptions in other countries - especially Venezuela.

"I don't 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.

More worrying for India's economy than the sanctions on Iran is the trade war and trade tariffs, although they are mostly aimed at China, Richter said.

"Saudi and Russian oil production is now close to its highest historical level, and the two countries have no additional capacity to produce more and replace Iran's oil", he added.

"Equities are weighing on oil prices", said UBS Group AG analyst Giovanni Staunovo.

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"We have a lot of games but of course he's not new - not like Riyad - [we've spent] three years together so when I say something he knows what we have to do".

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The minister reiterated that the market is unable to find a replacement for Iran's oil, urging Trump to abandon his plan to impose sanctions on the country. Shipping brokerage Eastport on Tuesday said crude prices were "widely expected to decline in coming months, as rising production in the USA offsets increasing global demand".

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.

Oil prices spiked on the move, as they did later in 1979 because of the Iranian revolution.

"My role as the energy minister is to implement my government's constructive and responsible role and stabilizing the world's energy markets accordingly, contributing to global economic development".

U.S. sanctions on Iran's oil sector start on Nov 4 and analysts believe anything up to 1.5 million bpd in supply could be at risk.

"I cannot give you a guarantee, because I cannot predict what will happen to other suppliers", Falih said, when asked whether the world can avoid oil hitting $100 per barrel again.

"The big unknown is how much Iranian oil will be off the market and we'll know in about a month's time".

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