US Actively Considering Waivers on Iran Oil Sanctions
08 October, 2018, 16:52 | Author: Eric Barnett
Analysts said a weak trend in global market after the USA said it may grant waivers to sanctions against Iran's oil exports next month and as Saudi Arabia was said to be replacing any potential shortfall from Iran, weighed on crude futures here.
In a sign that Iran oil exports won't fall to nothing from November, India will buy 9 million barrels of Iranian crude next month, Reuters reported on Friday.
Two domestic companies have placed orders to buy Iranian oil in November, oil minister Dharmendra Pradhan said on Monday, adding that the government does not yet know if it will be granted a waiver from USA sanctions on Iran. According to CNBC, Pradhan said India may use rupees rather than dollars to buy the oil, in an attempt to skirt the sanctions.
Worldwide benchmark Brent crude oil futures LCOc1 were at $83.26 per barrel at 0352 GMT, down 90 cents, or 1.1 percent, from their last close.
The U.S.is imposing the sanctions because Iran has reneged on a 2015 nuclear deal-a point on which other major powers disagree-and because it wants Iranian forces to pull out of Syria and Iraq.
That is the longest streak of weekly cuts since October previous year.
Pradhan reportedly said Monday that India does not know if it would get a waiver from the U.S.
Iran's Oil Minister this week brushed off "nonsense" claims by Saudi Crown Prince Mohammed bin Salman that Saudi Arabia can replace Iranian oil.
The government was discussing its options to buy Iranian oil with all authorities, Pradhan said.
WASHINGTON - The Trump administration signaled for the first time on Friday it will consider sanctions waivers for countries that have significantly reduced, but not completely eliminated, their intake of Iranian oil.
Traders said ongoing concerns that the U.S.
Further weighing on oil prices was "chatter that Saudi Arabia has replaced all of Iran's lost oil", said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. "Iran's oil can not be replaced by Saudi Arabia nor any other country", Zanganeh was quoted as saying on his ministry's website.
But the United States continues to insist that it expects Iranian oil buyers to bring their purchases down to zero.
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