Crude Oil Price Analysis: Risk Premiums Unwind as US Mulls Waivers

10 October, 2018, 20:56 | Author: Regina Silva
  • Oil Barrels

File image of Dharmendra Pradhan.

On November 4, a second round of US sanctions against Iran will target the oil industry, and impose penalties on oil companies, refineries, insurers and transport companies dealing with Iran.

Later, talking to reporters, he said India has its own energy requirements which it has to fulfill. A government official added that the administration was in the middle of an internal process of considering waivers called significant reduction exemption.

Pradhan said he had urged Saudi Arabia's oil minister to keep in mind the interests of oil consuming countries when it came to higher prices.

"We have ordered for our usual quantity of oil", he said.

The world's third-biggest oil consumer, India, will continue importing crude from Iran despite U.S. threats to punish companies working in the Islamic Republic past the November sanctions deadline, Reuters reports.

With the European Union considering the creation of a "special goal vehicle" before November to facilitate trade with Iran, India hopes to find a way to settle payments to Tehran.

"Even without sanctions also, Iran had been accepting payments in rupee".

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The prospects for the returning sanctions have already made consumers look for waivers from the United States to continue purchasing Iran's oil.

Singh said International Olympic Committee is importing the "usual" monthly volumes of oil from Iran. It hit a four-year high of $86.74 last week.

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

Sample bottle of crude oil are seen in this illustration photo June 1, 2017.

Indian Oil Corp Chairman Sanjiv Singh said options for paying Iran are under discussions.

Nayara Energy, formerly Essar Oil, too is stopping import from the Persian Gulf nation. While top officials in the Trump administration, including President Trump himself, have vowed to crack down on global business dealings with Iran, some officials have been working to lessen the severity of these sanctions through waivers and other concessions that would help Iran's ailing economy. The first round of sanctions took effect in August with a second round expected in early November.

"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. U.S. sanctions will block payment routes.

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