Oil is rallying marginally as Saudi Arabia expressed interest to cut supply in December. Despite the USA sanctions on Iran that started on 5th November, crude oil prices have fallen. Output was expected to tighten, but supply actually increased from the US, Saudi Arabia and Russia, and the US surprisingly approved provisional waivers to eight buyers of Iranian oil. The result was a net increase of crude. The drop in prices and glut in output has some OPEC member panicking, not waiting for 6-7 December meeting in Vienna.
By Peter Rosenstreich