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

Brent oil holds near $80 as Saudi Arabia plans output increase

Al-Falih said there's no intention of repeating the 1973 oil embargo, in which the Kingdom and several regional allies squeezed supplies to the USA and Europe in retaliation for their support for Israel. But the scandal does reveal one thing. Saudi Arabia must put in place measures to ensure something like this can never happen again.

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

Brent crude, the global benchmark, has dropped nearly 10 percent from a four-year high of $86.29 a barrel on October 3 as Saudi Arabia and Russian Federation promised extra supplies and USA stockpiles climbed.

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. Meanwhile, Iran's oil minister Bijan Zanganeh has said that Saudi Arabia and Russian Federation can not replace Iran' oil as the production capacity of the two countries has reached its peak.

Other non-OPEC producers have also produced only 66,000 barrels per day of additional oil between May and September, the Iranian minister said, citing OPEC's estimates. 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".

Falih said oil producers will continue to monitor supply and demand in the market, especially with the Iran sanctions about to kick in, and would be ready to act if needed.

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US Treasury Secretary Steven Mnuchin on Sunday dismissed concerns that oil prices could rise, saying the market had already factored in the loss of Iranian oil.

Zanganeh reiterated his Monday remarks that Iranian oil output can not be replaced by that of other oil-producing countries if Tehran is hit by US sanctions.

"Politics are coming into the picture and maybe this is what (the Saudis) will do, but as far as next year's supply/demand balance is concerned, it's not justified for them to increase production", PVM Oil Associates strategist Tamas Varga said.

Since that agreement, oil prices have more than doubled and were now hovering at just under $80 a barrel.

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

U.S. crude oil production has climbed by nearly a third since mid-2016 to around 11 million barrels per day, and rising drilling activity points to further increases.

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