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 Foreign ministers from Denmark and France is reportedly to have brief their EU counterparts at a meeting in Brussels on the alleged Iranian attack plots in their countries and EU ministers had agreed to consider targeted sanctions on Iranians in response, although no details or names were provided. France has already imposed sanctions on two Iranians and Iran’s intelligence service when it says was a failed June plot to carry out a bomb attack at a rally near Paris organised by an exiled Iranian opposition group. Diplomats told journalists that Denmark, which in October said it suspected an Iranian government intelligence service had tried to carry out an assassination plot in its country, is also open to EU-wide sanctions. Their ministers at their meeting on Monday also tried to move forward their plans in setting up a special mechanism to trade with Iran that could be under EU, not national, law. The EU believes this formula could shield individual member states from being hit by U.S. sanctions that have been reimposed on trade with Iran. “There is a willingness for the finance vehicle……to be set up quickly,” French Foreign Minister Jean-Yves Le Drian told reporters. However no country has yet come forward as a potential host.     

The head of the International Energy Agency, Fatih Birol, said markets were currently well supplied but spare capacity in Saudi Arabia was thin and cuts by key producers could tighten markets. “My appeal to all producers and consumers across the world is to have common sense in these difficult days,” Birol said at a news conference with central European energy ministers.  

Russian Energy Minister Alexander Novak said on Monday that Russia is keen to sign a partnership agreement with the Organization of the Petroleum Exporting Countries and that details would be discussed at OPEC’s December 6th meeting. The broader cooperation is seen as an evolution to the current production cut deal, Novak said, when asked if the current production cut agreements could be prolong into 2019. Novak also did not rule out that some further adjustments to the current production cut agreement are possible later this year.

Official data provided showed on Monday that Saudi Arabia’s crude oil exports in September rose to 7.433 mil bpd from 7.214 mil bpd in August. Monthly export figures are provided by Riyadh and other members of OPEC to the Joint Organization Data Initiative (JODI)

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