"Then we will continue with the mindset we have now, which is to meet any demand that materialises to ensure customers are satisfied", Falih said.
"Tariff concerns, renewed weakening in Chinese equities, emerging market worries and the ongoing investigations of the Saudi participation in the Khashoggi murder are combining to force major liquidation out of the equity space that is easily flowing into the oil complex", said Jim Ritterbusch, president of Ritterbusch and Associates in a note.
Bucking the trend from last month, when spot cargoes of Middle Eastern oil traded at multi-year premium highs in Asia due to falling Iranian oil supply, this month spot cargoes are trading at discounts to their official prices, due to increased supply from Iran's fellow OPEC members in the Middle East and to lower demand from Japan, where some refineries had closed in the wake of natural disasters.
Khalid al-Falih said if the kingdom has to use its oil reserves if it wants to cover 3 million barrels per day of oil loss from Iran.
Data from API showed crude inventories rose 9.9 million barrels last week to 418.4 million, compared with analysts' expectations for an increase of 3.7 million barrels.
"We will decide if there are any disruptions from supply, especially with the Iran sanctions looming".
The oil market has been concerned that Saudi Arabia might cut crude supply in retaliation for potential sanctions over the killing of journalist Jamal Khashoggi.
Futures slid as much as 5.2 per cent in NY.
This perfectly rectangular mile-long iceberg was discovered floating in the Antarctic
NASA scientists have discovered an unusual rectangular iceberg floating off the Larsen C ice shelf in Antarctica . However its true size may never be known with only 10 percent of its total mass showing above the water.
Not exercising is worse for your health than smoking and heart disease
Those who got minimal exercise also had a 390 percent raised risk of death, they noted compared to those who regularly exercised. Satjit Bhusri, a cardiologist at Lenox Hill Hospital, who was not involved in the study, said this reinforces what we know.
‘We are sorry for refusing to trust the words of children’
Normal parliamentary business, a session of prime minister's questions, was suspended in a bipartisan show of respect. It was Australia's longest-running royal commission.
Since that agreement, oil prices have more than doubled and were now hovering at just under $80 a barrel.
"The full impact of the US-China trade war will hit markets in 2019 and could act as a considerable drag on oil demand next year, raising the possibility of the market returning to surplus", said Emirates NBD bank in a note.
On Sunday, Saudi Arabia described the deeply shocking incident as a "huge and grave mistake", as it attempts to clear crown prince Mohammed bin Salman of any responsibility.
"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", Falih said.
Earlier this week, Christine Lagarde, the head of the International Monetary Fund, said she would also not be going to the event.
"There's been deception, and there's been lies", Trump said in an interview with the Washington Post on Saturday.
The Saudis are also significant arms buyers from both the United States and Britain, and Trump argues that those sales mean jobs.