India buying Iran oil in defiance of Trump sanctions

Mae Love
October 8, 2018

Government was discussing its options to buy Iranian oil with all authorities, said Mr Pradhan.

"Refiners have placed November nominations to lift 1.25 million tonnes (about 9 million barrels) of oil from Iran", a source has told Reuters.

Oil fell to the lowest in a week in London on renewed hopes the USA may soften the blow of sanctions on Iran's crude exports, and as Saudi Arabia promised to fill any shortfall.

The sideways trend was interrupted in mid-August after the Trump administration took aim at Iran with harsh sanctions which reignited fears that there simply isn't enough oil being produced globally.

Two Indian companies have placed orders to buy Iranian oil in November, petroleum minister Dharmendra Pradhan said on Monday, adding that India does not yet know if it will be granted a waiver from U.S. sanctions on Iran. New Delhi and Tehran have reportedly discussed reverting to rupee trade after November 4.

Worldwide benchmark Brent crude oil futures LCOc1 were at $83.26 per barrel at 0352 GMT, down 90 cents, or 1.1 percent, from their last close. In terms of positioning, hedge funds are now carrying a net-long in NYMEX WTI of 4% above the 2-year average and hold a net-long in ICE Brent that's 12% above the 2-year average.

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Addressing foreign governments seeking to circumvent renewed U.S. sanctions, he added: "As I've said to them, it's like a book that was written several decades ago in this country- it was called something like the 'Six Stages of Grief.' You know, first you have denial, then you have anger".

"Chatter that Saudi Arabia has replaced all of Iran's lost oil" is weighing on prices, said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

Saudi Arabia had previously claimed it had successfully replaced Iranian crude oil supplies lost through United States sanctions.

WASHINGTON - The Trump administration signaled for the first time on Friday it will consider sanctions waivers for countries that have significantly reduced, but not completely eliminated, their intake of Iranian oil.

Concern that the U.S. -Chinese trade war could slow down economic growth and hit oil demand also weighed on the market, traders in Asia said. "Iran's oil can not be replaced by Saudi Arabia".

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