Committed to meet India's oil demand: Saudi Energy Minister

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Given the impact of rising oil prices on the rupee and India's trade deficit, his motivations were clear.

Benchmark Brent crude has been trading above $80 a barrel LCOc1.

Oil prices fell on Wednesday, with US futures dropping below $70 a barrel for the first time in a month, after USA crude stockpiles rose 6.5 million barrels, nearly triple what analysts had forecast, while exports dropped.

The proposed US legislation-the so-called No Oil Producing and Exporting Cartels (NOPEC) Act-could pave the way to antitrust lawsuits in the USA against the cartel and its national oil companies, if passed.

Saudi Arabia has the capacity to produce 12 million bpd and is now producing 10.7 million bpd, Falih said, adding that production will rise further next month.

The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 53,000 bpd to a new peak of 3.55 million bpd.

Asked whether India has sought waiver from the USA related to Iranian oil imports as Indian oil firms have booked Iranian oil cargo for November, he said "sentiment" rather than availability is the issue. In April, prior to President Trump's announcement of the USA withdrawal from the multi-lateral nuclear deal with Iran, Iran exported 2.5 million bpd.

España plantea a la Unión Europea cambiar sanciones por diálogo con Venezuela
Mogherini pidió no crear expectativas respecto a este grupo de contacto , pues sostuvo que los ministros aún no han aprobado su conformación.

The market has also been supported amid growing USA tensions with top exporter Saudi Arabia over the disappearance of Saudi journalist Jamal Khashoggi.

A day after Saudi Arabia said it would retaliate to any possible US sanctions over the disappearance of a journalist, which led to a spurt in Brent crude prices, the world's largest oil exporter struck a conciliatory tone in India.

Oil prices rose for a fourth day on Wednesday after industry data showed a surprise decline in United States crude inventories and tension over the disappearance of a prominent Saudi journalist stoked supply worries.

U.S. crude inventories fell by 2.1 million barrels last week, compared with analyst expectations for a build of 2.2 million barrels, American Petroleum Institute data showed after Tuesday's settlement.

Inventory data from the US Energy Department's Energy Information Administration is due at 1430 GMT on Wednesday.

Saudi Arabia has said it will conduct an investigation into the disappearance, US Secretary of State Mike Pompeo said before departing the kingdom for Turkey.

With the world's only sizable spare oil output capacity, Saudi Arabia is expected to export more to offset the loss of Iranian oil supply from the sanctions.

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