Oil prices gain as Iranian crude exports fall, Hurricane Michael nears
Oil prices gain as Iranian crude exports fall, Hurricane Michael nears
ICJ orders US to ease Iran sanctions; India to continue purchasing crude oil from Iran
10 October, 2018, 20:54
In the previous round of sanctions from 2012 to 2015, India continued to buy Iranian crude although it had to cut purchases significantly to protect its wider exposure to the USA financial system. The Trump administration is considering waivers on sanctions, a US government official said on Friday.
The government was discussing its options to buy Iranian oil with all authorities, Pradhan said.
"Chatter that Saudi Arabia has replaced all of Iran's lost oil" is weighing on prices, said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.
India, the world's third-biggest oil importer, will buy 9 million barrels of Iranian oil in November, Reutersreported on Friday, citing two industry sources.
Last week, the U.S. said it was considering waivers from sanctions on countries that were trying to reduce oil imports from Iran.
Saudi Arabia said last week it plans to raise production in November from October output of 10.7 million barrels per day (bpd), indicating Riyadh will be boosting its supply to the highest ever level.
In the United States, almost 40 percent of daily crude oil production was lost from offshore U.S. Gulf of Mexico wells on Tuesday because of platform evacuations and shut-ins ahead of Hurricane Michael.
With the European Union considering the creation of a "special goal vehicle" before November to facilitate trade with Iran, India hopes to find a way to settle payments to Tehran. It hit a four-year high of $86.74 last week. "On the other hand, Iran sanctions are only weeks away". While top officials in the Trump administration, including President Trump himself, have vowed to crack down on global business dealings with Iran, some officials have been working to lessen the severity of these sanctions through waivers and other concessions that would help Iran's ailing economy.
The US expects all countries, including India, to reduce their Iranian oil imports to zero. "This time Europe is not working with the USA, so we intend to evolve a mechanism".
"These officials are planning to announce that it's OK to give banks waivers because re-imposed sanctions on businesses are sufficient", the source explained.
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.
BP's Chief Executive Bob Dudley was quoted by media as saying that Uncertainty surrounding Iran's oil industry ahead of forthcoming United States sanctions could prompt "extreme volatility" for oil prices.
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