Markets

U.S. considers sanction waivers on countries reducing imports of Iranian oil

U.S. considers sanction waivers on countries reducing imports of Iranian oil

Petroleum Minister Dharmendra Pradhan on Monday said Indian companies will continue to buy Iranian oil in November despite the looming USA sanctions on that country.

The Islamic Republic exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed. The deal had been signed between Iran and the five permanent members of the UN Security Council - the United States, Britain, France, Russia and China - plus Germany in 2015. For next year, however, JP Morgan sees demand growth at 1.1 million bpd, lower than the Street's view of 1.5 million bpd.

Tanker schedules are often adjusted and exports can vary week by week. "Iran's oil can not be replaced by Saudi Arabia", the minister added.

Egyptian‏ ‏and Palestinian officials on Sunday accused ‎Palestinian Authority leader Mahmoud Abbas of ‎actively escalating the crisis in the.

Iran has warned that if it can not sell its oil due to USA pressure, then no other regional country will be allowed to do so either, threatening to block the Strait of Hormuz.

Oil prices have extended a rally on expectations the sanctions will test the Organization of the Petroleum Exporting Countries and other producers.

Crude oil prices last week hit a four year high of $86/barrel mainly on fears of tightening supplies with Iran oil going out of market. But Iran, OPEC's third-largest producer, has repeatedly announced that its oil exports can not be reduced to zero because of high demand levels in the market.




Pradhan said that while speaking to Saudi Arabia's energy minister Khalid A. Al-Falih two days ago he had reminded him of Opec's June decision and added that perhaps the increase in oil productions had not taken place.

The US administration is "prepared to work with countries that are reducing their imports on a case-by-case basis", the official added.

India, a major buyer, has ordered Iranian oil for November, although New Delhi does not yet know whether it will receive such a waiver.

"Of course it could find alternative supplies, from other parts of the Middle East or from the USA itself", said Leszczynski.

"Actually the request that America made to Saudi Arabia and other OPEC countries is to be sure that if there is any loss of supply from Iran, that we will supply that". Some of these sources say output fell further in September.

With US sanctions on Iran looming, Moody's Investors Service had estimated a $500 million decline in earnings for Indian state-owned refiners, IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) on account of substituting crude oil imports from the Persian Gulf country.


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