Saudi Arabia's promise of ‘responsible role’ in oil markets pushes price down
Saudi Arabia says it will keep markets supplied despite its increasing isolation over the killing of Saudi journalist Jamal Khashoggi
London — Oil prices fell on Tuesday after Saudi Arabia said it would play a “responsible role” in energy markets, although sentiment remained nervous ahead of new US sanctions on Iran's crude exports that start in November. Benchmark Brent crude oil was down 55 US cents a barrel at $79.28 by 7.35am GMT. US light crude was 35c lower at $69.01. The US sanctions on Iranian oil begin on November 4 and Washington has said it wants to stop all of Tehran's fuel exports. Saudi Arabia says it will keep markets supplied despite its increasing isolation over the killing of Saudi journalist Jamal Khashoggi, and there are signs that crude exports from the Middle East are rising. There had been some concern that Saudi Arabia might cut crude supply in retaliation if the US imposed sanctions over the Khashoggi killing. Saudi energy minister Khalid al-Falih said on Monday that “there is no intention” to do that, and that Saudi Arabia would play a “constructive and responsible role” in world energy m...
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