ibusinesslines.com
ibusinesslines.com October 21, 2018


Oil prices steady after Iranian exports fall further

10 October 2018, 10:57 | Kelvin Horton

Despite US sanctions, India to continue buying Iranian oil

Oil Barrels

A former Saudi government advisor, Khashoggi has been openly critical of Prince Mohammed, accusing him of introducing a new era of "fear, intimidation, arrests and public shaming".

Oil prices rose about one percent on Tuesday on growing evidence of falling Iranian crude exports before the imposition of new US sanctions, as well as a partial production shutdown in the Gulf of Mexico because of Hurricane Michael.

"We are anxious about this case", al-Otaibi said.

"However it would come at a cost, both in terms of higher oil prices compared to the favourable terms it gets from Iran and in terms of higher shipping costs as they would inevitably be longer distance shipments compared to Iranian exports".

Saudi officials have dismissed the accusations as "baseless" and claim Khashoggi left the consulate by another exit, but did not provide proof. The team arrived in Istanbul on two private planes, one of which landed after 3 a.m. (0000 GMT) on Tuesday while the second plane landed around 5 p.m. (1400 GMT) after Khashoggi entered the consulate.

Angry lawmakers likely won't prompt the administration to turn away from Saudi Crown Prince Mohammed bin Salman.

"Iran's oil can not be replaced by Saudi Arabia nor any other country", Zanganeh said, according to his ministry's website.

Petroleum Minister Dharmendra Pradhan said two state-owned oil refiners, Indian Oil Corporation and Mangalore Refinery and Petrochemicals, had signed contracts to import 1.25 million tonnes of Iranian oil next month, Mint newspaper reported. When asked whether he's demanding answers from the Saudis, Trump said, "yes we are".

Trump on Monday said he was "very concerned about it".


The Turkish president, Recep Tayyip Erdoğan, has promised a transparent investigation into Khashoggi's fate.

Investigators want to know why 15 men flew for Saudi Arabia to Istanbul the morning of Khashoggi's scheduled meeting, were in the consulate building the same time he was, then immediately left the country.

The Washington Post also reported on Tuesday that United States intelligence officials had intercepted communications of Saudi officials discussing a plan to kidnap Khashoggi.

Vice President Mike Pence said Wednesday on conservative commentator Hugh Hewitt's show that the United States would send Federal Bureau of Investigation agents to the consulate to investigate if the Saudis requested it.

USA sanctions against Tehran are widely expected to have an immediate impact on Iran's oil exports, although the estimates of exactly how much of the country's oil could disappear from November 4 vary widely.

No security footage has been released showing the journalist leaving the premises. He said he'll try to force a vote in the Senate this week blocking USA arms sales to Saudi Arabia.

Aksam newspaper also published blurred photos of a jet arriving in Istanbul before dawn on October 2, carrying what it said were nine members of the Saudi team, as well as images of some of them checking in at a hotel.

Turkish sources with knowledge of the investigation told MEE they believed Khashoggi was killed inside the consulate and the Turkish authorities are considering digging up the garden to see whether his remains are buried there.



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