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OIL: Tensions between the U.S. & Saudi Arabia simmered over the weekend as U.S
President Trump stated that "there will be severe punishment for Saudi Arabia if
journalist Khashoggi was killed in the Saudi consulate in Turkey." Saudi's
response came via the SPA newswire, which reported that the Kingdom will "push
back against any punitive threats." Elsewhere the head of Al-Arabiya wrote an
Op-Ed suggesting that oil could be used as a "weapon" against the threats, but
stressed that this was his own opinion. It is worth noting that during the
Saudi-Canada political dispute earlier this year Saudi Energy Min Al-Falih noted
that oil and politics are separate matters.
- WTI & Brent operate well off of best levels, perhaps on the back of the idea
that there may not be any lingering supply side effects if the tensions escalate
further. WTI & Brent last trade $0.80 & $1.00 better off respectively.
- Additional weekend news flow included Libya's NOC highlighting "weak security"
at its Zawiya oilfield, while Nigeria's Abia pipeline exploded. Elsewhere, Iran
noted that it is finding new buyers for its crude ahead of the impending U.S.
sanctions, and that it can export oil at acceptable levels.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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