Loud booms heard in Saudi capital - Reuters witnesses

Saudi Arabia says it intercepts missile above Riyadh says report

Saudi Arabia says it intercepts missile above Riyadh says report

The Houthi rebels in neighbouring Yemen have - in recent months - intensified missile attacks against Saudi Arabia, which leads a military coalition against them.

That made Iran the third-biggest exporter of crude within the Organization of the Petroleum Exporting Countries, behind Saudi Arabia and Iraq.

"People shouldn't take it for granted that Saudi Arabia will produce more oil single-handedly".

Renewed US sanctions could potentially cause drastic reductions in Iran's exports, leading to undersupply and higher oil prices, thereby shifting the market to a state of disequilibrium.

The existence of an understanding was confirmed by the U.S. Treasury Secretary who told reporters on Tuesday that "we have had conversations with various parties. that would be willing to increase oil supply". Oil prices have surged as the output cut agreement by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russian Federation, has held. The agreement is due to expire at the end of 2018.

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Southwest Airlines has not released any comment but the company did respond to a tweet from one of the passengers on the plane. The airline said it was "glad to hear everyone made it safely to BWI" but that it regretted the inconvenience.

Saudi Arabia said it would work with other producers to lessen the impact of any shortage in oil supplies.

OPEC's objective its still to reduce global oil inventories to an acceptable level and any adjustment in production targets should be done in a coordinated way, the OPEC source said.

The alliance imposed a total blockade on Yemen's ports earlier this year in retaliation for the rebel missile attacks.

In theory, USA sanctions on Iran's oil industry will not be re-imposed for six months to give customers, traders and banks time to wind down their relationships in an orderly fashion.

USA crude CLc1 settled down $1.67 at $69.06 per barrel and Brent LCOc1 settled down $1.32 at $74.85. Its production accounts for about 4 percent of the world's oil supplies.

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