Two Indian companies to buy Iranian oil in November: Dharmendra Pradhan

08 October, 2018, 16:53 | Author: Regina Silva
  • Two Indian companies to buy Iranian oil in November: Dharmendra Pradhan

White House officials had said over the summer they would push to bring Iranian crude exports "down to zero" and would be unlikely to grant any waiver exemptions, including to allies such as India and South Korea, two of Iran's largest oil customers.

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.

USA sanctions will target Iran's crude oil exports from November 4, and Washington has been putting pressure on governments and companies worldwide to cut their imports to zero.

"One way or another, it looks as though India is going to take some Iranian crude", said Olivier Jakob of Petromatrix, adding that the development was helping oil to "retrace some of the price surge we saw last week".

Crude oil futures slipped by 1.44 percent to Rs 5,466 per barrel Monday, as traders cut exposure at the existing levels amid a weak trend in the Asian trade.

"Iran has been off-and-on taking rupee payments for oil it sells".

Facebook users warned about hoax messages
Instead, the social network believes the warnings have viral out of fear of the recent breach. Users receive a message from a friend that says "Hi..."


OnePlus 6T commercial availability to start end of October?
In addition, consumers could also receive type-C earphones, and these will be OnePlus' new type-C Bullets earphones. The display features a water-drop notch and an in-display fingerprint scanner, which has been confirmed.


Venom Sets October Box Office Record With $80 Million Opening Weekend
Universal's " First Man ", Fox's " Bad Times at the El Royale " and Sony's "Goosebumps 2" are the major openers next weekend. It also had a record opening for October overseas grossing $125.2 million in worldwide ticket sales.


Iran's Oil Minister Bijan Zanganeh has dismissed as "nonsense" claims by the Saudi crown prince that Saudi Arabia can replace sanctions-hit Iranian oil in the market.

Speaking at the energy forum in New Delhi on Monday, Pradhan said India did not know whether it would receive a waiver from Washington's sanctions.

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.

"The U.S. appears to be abandoning its tough stance on buyers of Iranian oil", said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt.

The nation continued buying Iranian oil during the previous round of sanctions, from 2012 to 2015, although it cut its purchases significantly to protect its access to the United States market. From May through early August Brent crude oil prices fell from $80 to $70 as economic growth concerns overruled fears that the market was inadequately supplied. The bulk of spare capacity is held by Saudi Arabia.

But Innes warned that limited spare production to deal with further supply disruptions meant "the capacity is quickly declining due to Asia's insatiable demand".

Recommended:

  • Death toll from Indonesian natural disaster  and tsunami revised to 1763

    Death toll from Indonesian natural disaster and tsunami revised to 1763

    An aerial picture taken from Indonesian Red Cross helicopter shows a disaster devastated area in Petobo, Palu , Central Sulawesi. More than a week after a magnitude 7.5 quake hit Sulawesi island and trigged a tsunami, rescue efforts are still under way.
    All Blacks grab dramatic win against Springboks in Pretoria

    All Blacks grab dramatic win against Springboks in Pretoria

    South Africa for an hour of the match were the better team in just about every single department. But New Zealand are famous for upping the game in the final 20 minutes and they did so again.
    Pakistan off to steady start in first Test against Australia

    Pakistan off to steady start in first Test against Australia

    Hafeez was on 74 when he sliced a Holland delivery to long-off but Marsh couldn't hold his attempt at an AFL-style mark. Pakistan is trailed by 85 runs with 6 wickets remaining in the 1st innings, at the end of the day's play.
  • Google Pixel Slate leaks in great detail before October 9 event

    The pictures clicked with Pixel 3 XL appeared more natural, with just the right amount of light compared to the iPhone XS Max. As per rumours, Google is really pushing the limit with a 6.7-inch display and a resolution of 2,960 x 1,440 pixels.
    McConnell: Kavanaugh deserved an up-or-down vote

    McConnell: Kavanaugh deserved an up-or-down vote

    While he overcame accusations of sexual harassment to win confirmation, a backlash ushered in a wave of female lawmakers. If anything Kavanaugh proved that point in his testimony, which essentially was one long attack against Democrats.
    Melania Trump puts on happier face during Africa tour

    Melania Trump puts on happier face during Africa tour

    Quickly, people across the globe slammed her because the hat was similar to the one used by colonial masters in Kenya. On Brett Kavanaugh's confirmation: "I'm glad Dr.
  • New Doctor Who Jodie Whittaker wins over fans with Yorkshire accent

    New Doctor Who Jodie Whittaker wins over fans with Yorkshire accent

    Beyond that, we've been told to expect new characters and new monsters, with no reliance on the Daleks this time. Best of all, the show ended on a massive cliffhanger, the likes of which we have not seen since the classic era.
    A look at the campaign proposals made by Brazil's Bolsonaro

    A look at the campaign proposals made by Brazil's Bolsonaro

    With 68 percent of voters counted, Bolsonaro had received 46 percent of valid votes, far ahead of Haddad's 25 percent. "We've had enough of corruption".
    ‘This won’t be subtle’: SpaceX West Coast launch will create sonic boom

    ‘This won’t be subtle’: SpaceX West Coast launch will create sonic boom

    SpaceX has previously launched a Falcon 9 from Vandenberg and landed it offshore in the Pacific Ocean aboard a droneship. The rocket will be carrying an Argentinian Earth-observing satellite, known as SAOCOM-1A, into orbit.
  • Facebook hoax hitting inboxes telling users their accounts been cloned

    SAN FRANCISCO- Facebook users were warned about a hoax disguised in a series of Facebook messages, officials announced. Kelso said the best way to keep your Facebook account from getting cloned is to hide your "friends list".
    Rock used as doorstop is actually a meteorite worth $100K

    Rock used as doorstop is actually a meteorite worth $100K

    The space rock continued to perform that job for decades, only recently being identified as something very unique and valuable. The farmer claimed the rock had fallen in the 1930s and that the new owner could have it since it was "part of the property".
    Voting time...US Senate about to vote on Kavanaugh's confirmation

    Voting time...US Senate about to vote on Kavanaugh's confirmation

    The outcome had remained in doubt, however, after one Republican, Lisa Murkowski, defied her party and voted against moving ahead. A final vote on whether Judge Kavanaugh will join the nine-member panel could take place as soon as Saturday.


Popular

Google Pixel 3 XL hands-on in Hong Kong -- three days early
In recent months, we've seen "Google Nocturne", a potential codename for the new Google Pixel Slate tablet, being tossed around. Thanks to these benchmarks, it looks like Google might release up to four variants of the tablet.

Scotland's Sturgeon promises independence plan once UK Brexit deal known
Sturgeon told the BBC the party's lawmakers in London "would undoubtedly vote for that proposition". BREXIT will increase support for independence to 50%, a new poll has found.

U.S. and China have 'fundamental disagreements', says Mike Pompeo
A meeting of top USA and Chinese diplomats in Beijing to discuss North Korean nuclear disarmament has got off to a frosty start. Wang Yi said he told Pompeo during a meeting Monday that a shadow has been cast "over the future of China-U.S. relations".

Alvarez and Fielding set super middleweight bout for December
Alvarez became the No. 1 middleweight on the planet when he outpointed Gennady Golovkin to claim the WBA and WBC titles. Fielding has been riding a massive wave of momentum since getting stopped by Callum Smith in late 2015.

Former England and Chelsea captain John Terry announces retirement from football
Words will never be able to fully describe how much you mean to our club #CaptainLeaderLegend #ProperChels #CFC [WeAre_TheShed]Captain.

Voyager Probe 2 May Be Close to Interstellar Space
To help you familiarise with the subject, a heliopause is a bubble formes by the solar wind around out solar system . Additionally, the Voyager 2's Low-Energy Charged Particle also read a boost in high-energy cosmic rays.

Woj: Jimmy Butler trade talks 'collapsed’ between Timberwolves and Heat
Miami have emerged as the strong favourites to take him in a trade and Wojnarowsi reports they have been locked in talks all week. Glen Taylor and Micky Arison became involved in the trade talks and there was hope of a call to the league to finalize it.

Liverpool, Man City tie in cautious matchup
Manchester City forward Riyad Mahrez insists he will not let his shocking penalty miss against Liverpool affect his confidence. Klopp's liverpool looked nervous throughout the game, with Salah, Mane and Firmino all off the pace.

Food and Health, Millions of pounds of ground beef recalled
Since the JBS Tolleson recall was caused by salmonella , it may cause more fear for consumers buying any sort of meat. Several patients ate ground beef at the same events or purchased ground beef from the same grocery store chains.

Study casts doubt on vitamin D supplements
They also found that bone mineral density did not increase by a clinically significant level in those taking vitamin D . The conclusion follows one of the largest reviews ever of vitamin D .