Tuesday, 16 October, 2018

Brent crude drops below $83 on expectations Iran will maintain some exports

India buying Iran oil in defiance of Trump sanctions ICJ orders US to ease Iran sanctions; India to continue purchasing crude oil from Iran
Laurie Berry | 10 October, 2018, 08:52

In its March report on Iran's economy, published a month and a half before the USA announced that it was re-imposing sanctions on Iran, the International Monetary Fund expected that following the strong rebound after the 2016 nuclear deal, Iran's economic growth would be 4.3 percent in the 2017/18 fiscal year.

The latest concessions come amid a widening battle in the Trump administration over the severity of new sanctions set to be imposed on Iran early next month.

The facility is the only USA port able to fully load and unload tankers with a capacity of 2 million barrels of oil.

Speaking at an event here, Pradhan said two of India's state-owned companies had contracted for Iranian crude for November.

None of the Iranian crude exported in the first week of October is heading for Europe, according to the Refinitiv data.

Importantly for the market, the U.S. appears to be softening its tough stance against buyers of Iranian oil and the possibility of some exemptions or in some cases, extension of time limit is real. "Iran's oil can not be replaced by Saudi Arabia nor any other country", Zanganeh was quoted as saying on his ministry's website.

United States president Donald Trump in May withdrew from the 2015 nuclear accord with Iran, re-imposing economic sanctions against the Persian Gulf nation. "We are prepared to work with countries that are reducing their imports on a case-by-case basis".

In the previous round of USA sanctions on Iran from 2012 to 2015, India continued to purchase Iran's oil although it was forced to dramatically reduce its purchases to protect its wider exposure to the us financial system.

Antonio Brown being sued for alleged furniture throwing incident
Brown, a Miami native in his ninth National Football League season, has until Thursday to respond to the lawsuit, KDKA reports . One of the vases shattered when it hit the ground, the lawsuit says.

Russian Federation and China are both pursuing their own systems and Germany has suggested creating Europe's rival to global financial messaging service SWIFT based on the euro rather than the dollar in order to bypass USA sanctions.

As the administration fights an internal battle over just how far to go with its new sanctions, Iran hawks on Capitol Hill are growing concerned.

UCO Bank had in the previous round of sanctions handled rupee payments.

SWIFT leaders were in Washington, D.C., last week holding meetings with Trump administration officials to ensure that Iran retains its access to the global banking system.

Iran has questioned whether the market needs more oil and says its output is holding steady at about 3.8 million bpd.

Oil has been supported by concern that the Iranian export loss will leave a thinner margin of unused production capacity to deal with supply shocks.

Ralph Leszczynski, Banchero Costa's head of research in Singapore, tells TradeWinds: " The US sanctions on Iranian oil imports are strictly unilateral, as they have been actively resisted by other buyers of Iranian oil. "This time Europe is not working with the USA, so we intend to evolve a mechanism".

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