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Two PSUs place orders for Iranian crude

Two PSUs place orders for Iranian crude

Mr. Pradhan also said he had spoken to Saudi Arabia's Oil Minister two days ago regarding the higher oil prices and how prices should not be set with the interest of producing countries but also by keeping consuming countries' interests in mind.

India, the world's third-biggest oil importer, will buy 9 million barrels of Iranian oil in November, Reuters reported on Friday, citing two industry sources.

International Olympic Committee and ONGC's refining subsidiary MRPL, (Mangalore Refinery and Petrochemicals Ltd) have placed an order for 1.25 million tonnes of Iranian crude.

She said the sanctions that would come into force on 4 November were created to bring Tehran to book and not to penalise India, which meets 83% of its crude oil requirements from outside.

He said: "We have to fulfil all our domestic requirements".

"The US government's tough stance raised the stakes for a more significant Iran export loss than previously foreseen", said Norbert Ruecker, head of macro and commodity research at Swiss bank Julius Baer.

"Iranian barrels are declining fast, and Saudi Arabia's promise to balance will face a reality check in a month's time", JP Morgan analysts said in a note.




That is down from at least 2.5 million bpd in April, before President Donald Trump in May withdrew the USA from a 2015 nuclear deal with Iran and reimposed sanctions.

India also continued to buy Iranian oil in 2012-2015, but shipments had to be sharply reduced to avoid exposure to the USA financial system. Prince Mohammad told Bloomberg on Friday the kingdom had met its promise to Washington to make up for Iranian oil supplies lost through United States sanctions.

That's prompted concerns about where the world will get its oil, which has pushed Brent prices as high as $86 a barrel, the highest since 2014.

"We're already seeing demand outstripping supply", said Fiona Howarth, CEO of Octopus Electric Vehicles, a British car-leasing company.

"Instead they're talking about 'sufficient pressure, ' which is their language for allowing banks to keep Iran connected to the global financial system, including through SWIFT or with oil waivers", the source said, referring to new efforts by officials in the Treasury Department and European allies to keep Iran connected to the premier worldwide banking system.

That is an 11 percent decline from August, but data from global oil shipments and storage service provider TankerTrackers.com puts the export volume north of 2 million bpd. The Indian basket represents the average of Oman, Dubai and Brent crude. However, he added that state-run oil companies must look beyond their profits to easing the burden on consumers.

"In effect, the government has asked the OMCs to sell petrol and diesel at subsidized prices, for which they will not be reimbursed", the report said.


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