Oil prices steady after Iranian exports fall further

09 October, 2018, 11:55 | Author: Eric Barnett
  • Zanganeh arrives for an OPEC meeting in Vienna

Making this projection in an interview with Reuters at the World Bank Conference in London, he stated that so long as USA sanctions take effect on Iran in November, "I do not expect the price to close less than $80 this year".

Pradhan said two state refineries have made nominations to purchase Iranian oil in November.

Secretary of State Mike Pompeo said on a visit to India in September that some waivers from the sanctions might be granted to countries buying Iranian oil, but only if they agreed to cut their imports to zero.

"Likely, India and Iran will agree to use Rupee payments instead of USA dollar payments, something already tried between 2013 and 2015, with Iran then using Rupees to import food, medicines and other commodities from India", said Leszczynski.

For India, reeling under oil price hike and the burden of depreciating rupee, continued flow of Iran oil even as sanctions kick in on November 4 would be a great relief.

Benchmark Brent crude was up 55 cents at $84.46 a barrel by 0730 GMT, having fallen as low as $82.66 on Monday. The industry has been worrying that an entirely effective ban on Iranian oil exports would strain supplies. At the same time, as a report in The Times of India said, there was no clarity on whether New Delhi will get a waiver from Washington.


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

"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.

Delhi is hopeful that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries will heed United States calls for production to be boosted by one million barrels per day, as promised in June, which might help bring benchmark prices down. Oil dropped to around $83 a barrel on Monday.

The cost of the Indian basket of crude rose to $84.14 a barrel on 5 October, according to the Petroleum Planning and Analysis Cell.

The government last week effected a Rs 2.50 per litre cut in prices of petrol and diesel to ease inflationary pressure and boost consumer confidence.

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