23-10-2018 04:00 PM
Oil prices dropped on Tuesday soon after Saudi Arabia said it would play a "responsible role" in energy markets, even though outlook was nervous in the run-up to U.S. sanctions in opposition to Iran's crude Experts that start next month.
U.S. sanctions in opposition to Iran's oil Experts are due to start on Nov. 4, and Washington is putting pressure on countries to slash their imports of Iranian crude.
Data from state-run Korea National Oil Corp (KNOC) revealed on Tuesday - South Korea's crude oil imports from Iran fell to zero in September from a year earlier,
Top crude oil Experter Saudi Arabia has guaranteed to keep markets supplied despite the consequences of its raisingseclusion over the killing of Saudi journalist Jamal Khashoggi, and there are no indications that crude oil supply from the Middle East is increasing.
There have been worries that just as markets tighten with the start of the U.S. sanctions against Iran, Saudi Arabia could slash crude supply in retribution for prospective sanctions against it over the Khashoggi killing.
In order todischarge such worries, Saudi Energy Minister Khalid al-Falih said on Monday that "there is no intention" for such action, and that Saudi Arabia would play a "constructive and responsible role" in world energy markets.
According to Mr.Ponmudi - Saudi curtail would be self-defeating as "Saudi Arabia would threat losing market share to other Experters while losing its standing as a steady player in the market." Further he added - markets are cautious of the impact of U.S. sanctions on Iran's oil sector," approximation the sanctions "could impact up to 1.5 million barrels per day of supply.