Oil edges back from big slump as Iran sanctions return to focus

Why India needs to rethink its relationship with OPEC

"Saudi Arabia's energy minister has dealt a fresh heap of bearish fodder onto the energy complex", said PVM Oil analyst Stephen Brennock.

"We will meet any demand that materializes", Al-Falih said at the country's signature investment conference, which is being overshadowed by an worldwide outcry over the killing of Saudi government critic Jamal Khashoggi. Saudi Arabia said last week it would retaliate against any punishment for the killing.

The US is reimposing sanctions on Iran, another major oil exporter, from November 4 after President Trump pulled out of the nuclear deal with the country.

Saudi Arabia is ready to raise its output to 11 million barrels a day "in the near future" and has the ability to lift production as high as 12 million barrels a day if the market requires it, Al-Falih said. USA light crude dropped $3.03, or 4.4 percent, to $66.33 a barrel, after earlier hitting a two-month low at $65.74.

Iranian oil minister says sanctions won't stop them from exporting oil.

Several U.S. lawmakers, meanwhile, have suggested imposing sanctions on Saudi Arabia over the killing of journalist Jamal Khashoggi.

Fox Business Network also announced on Thursday it was also pulling out of the investment conference, joining CNN, the New York Times, CNBC, Bloomberg, the Financial Times and other media groups that have already cancelled plans to go to Riyadh.

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"Saudi Arabia has been coherent in its policy".

Falih said on Monday there was no intention of doing that.

UBS analysts expect oil demand growth to slow to 1.2 million bpd in 2019, on higher oil prices and weaker economic growth, slightly above the long-term average, adding that demand is forecast to be flat in OECD countries, with China and India continuing to drive growth.

On Sunday, Saudi Arabia described the deeply shocking incident as a "huge and grave mistake", as it attempts to clear crown prince Mohammed bin Salman of any responsibility.

Saudi Arabia's explanations have drawn bipartisan scepticism from US politicians and outrage from opposition MPs in the United Kingdom, even as US President Donald Trump continues to support the crown prince amid a retreat from describing Saudi Arabia's account as credible as recently as Friday.

In its latest version, the government conceded that Khashoggi was killed by mistake in its Istanbul consulate but this only sparked more calls for a complete and transparent investigation, coupled with the threat of sanctions.

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