Rocked by Trump's Sanctions, Iranian Oil Exports Drops Further

09 October, 2018, 07:08 | Author: Regina Silva
  • A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf

"Iran's oil can not be replaced by Saudi Arabia nor any other country", Zanganeh was quoted as saying on his ministry's website.

"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".

"We have to fulfill all our domestic requirements", Pradhan said, confirming the plan to buy some Iranian crude after USA sanctions kick in.

Last week, Saudi Arabia announced plans to lift crude output next month to 10.7 million barrels per day (bpd), the kingdom's highest level ever. The bulk of spare capacity is held by Saudi Arabia.

A first round of American sanctions took effect in August, targeting Iran's access to the U.S. dollar, metals trading, coal, industrial software, and auto sector. A second round, forthcoming on November 4, will be targeting Iran's oil sales and its Central Bank.

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

The U.S. oil drilling rig count fell for a third consecutive week, as rising costs and pipeline bottlenecks have hindered new drilling since June.

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"The step taken by the government reverses the price deregulation of diesel and petrol and increases the likelihood that the government may ask upstream companies Oil and Natural Gas Corporation (Baa1 stable) and Oil India Limited (Baa2 stable) to share the fuel subsidy burden", the report added.

Alongside potential waivers on Iranian sanctions, oil supply is seemingly back on the rise with Libya recently boosting oil production to 1.25mbpd (200kbpd more than the September average).

Iran has warned that if it were not able to export its crude oil through the Strait of Hormuz, no other country would be able to do so, threatening to block the strategic strait.

India is Iran's second-largest single oil customer after China and was expected to cut back on Iranian oil purchases following United States sanctions. "This is an obvious fact".

US 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.

However, a US government official said on Friday that the country could consider exemptions for nations that have already shown efforts to reduce their imports of Iranian oil.

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