Saudi Energy Minister: Cant cover Iran's oil production

US pressures SWIFT to cut off Iran from global banking transactions to enforce sanctions

But the scandal does reveal one thing.

Saudi Energy Minister Khalid al-Falih told a conference in Riyadh on Tuesday the oil market was in a "good place" and he hoped oil producers would sign a deal in December to extend cooperation to monitor and stabilise the market.

Mr Falih added that Saudi Arabia will raise oil output to 11 million barrels per day from 10.7 million.

"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.

Concerns about the health of the global economy, leading to the equities selloff, are seeping into the oil market. "But Saudi Arabia is a very responsible country, for decades we used our oil policy as (a) responsible economic tool and isolated it from politics", al-Falih said. Shipping brokerage Eastport on Tuesday said crude prices were "widely expected to decline in coming months, as rising production in the United States offsets increasing global demand".

Washington plans new sanctions targeting Iran's oil sector from November 4 with the aim of stopping the country's involvement in conflicts in Syria and Iraq, and bringing Tehran to the negotiating table over its ballistic missile programme.

Iran's Oil Minister Bijan Namdar Zanganeh said oil exports remain "unstoppable" and the market will be in "turmoil" as long as the USA imposes sanctions on the Persian Gulf nation's energy industry, Tasnim news agency reported.

Oil prices spiked on the move, as they did later in 1979 because of the Iranian revolution.

Other non-OPEC producers have also produced only 66,000 barrels per day of additional oil between May and September, the Iranian minister said, citing OPEC's estimates.

"My role as the energy minister is to implement my government's constructive and responsible role and stabilizing the world's energy markets accordingly, contributing to global economic development".

However, U.S. crude oil production has climbed by nearly a third since mid-2016, and the rising output could help to offset the loss of exports from Iran. He added that Riyadh had capacity to increase output to 12 million bpd and Gulf OPEC ally, the United Arab Emirates, could add a further 200,000 bpd.

Will limit oil supply next year if there was need.

Other OPEC members, meanwhile, had added only 105,000 barrels per day of extra oil in total during the period, which means they are not capable of producing more than current levels, he said.

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