India will break United States sanctions and keep importing Iranian oil
10 October, 2018, 08:56 | Author: Eric Barnett
U.S. West Texas Intermediate and global benchmark Brent crude oil futures are trading higher early Tuesday, continuing to recover from Monday's early session setback.
West Texas Intermediate (WTI) crude CLc1 was down by 16 cents, or 0.2 percent, at $74.8 a barrel, after rising almost 1 percent in the previous session.
Currently, India pays Iran in euros using European banking channels but these would be blocked from November, said the report.
Iran is streamlining its oil export modalities and testing creative ways to thwart new U.S. sanctions which are to kick in on November 4.
Iran's economy is expected to shrink by 1.5 percent in 2018 and by another 3.6 percent in 2019, the International Monetary Fund (IMF) said in the October update of its World Economic Outlook, heavily downgrading the Islamic Republic's growth prospects with the return of the USA sanctions.
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 US financial system. But hedge funds have amassed a large bullish position in Brent crude, amounting to nearly 470 million barrels, betting prices will head even higher.
Washington has already imposed a first round of sanctions on Iran's economy, while warning Iranian oil clients to start looking for other suppliers. "We have ordered for our usual quantity of oil", he said while adding that they were discussing payment options. China is reportedlyreducing its oil imports from Iran, though it's not likely to fully comply with the USA demands.
The softer stance on Iran plus news that Saudi Arabia and Russian Federation could ramp up oil production to compensate for the sanctions has lowered oil prices slightly.
The Indian orders have reportedly been placed by Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL).
Reeling from high oil prices, India has also reminded Saudi Arabia of the promise by the Organization of the Petroleum Exporting Countries (Opec) of increasing production by an additional 1 million barrels per day, said Pradhan.
Oil dropped below $83 a barrel on Monday, pressured by expectations that some Iranian oil exports will keep flowing after the USA reimposes sanctions, easing a strain on supplies.
The discrepancy of 300,000 bpd in the statistics attests to an underlying campaign to create the sense that Iran's exports are dropping fast, with some market analysts even claiming the losses were faster than they expected.
Gulf of Mexico oil companies shut down 19 percent of oil production as Hurricane Michael moved toward eastern Gulf states including Florida.
Several models call for the Hurricane to miss major producing assets in the Gulf, but any change of track could widen the impact.
The International Monetary Fund on Tuesday cut its global economic growth forecasts for 2018 and 2019. The American Petroleum Institute is due to release data on Wednesday, while the U.S. Energy Information Administration is due to publish on Thursday.
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