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".

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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".

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