'Neither Riyadh, nor others can replace Iranian oil'

Mae Love
October 9, 2018

President Donald Trump has pulled the U.S. out of a historic 2015 accord with energy-rich Iran signed to curb the Islamic republic's nuclear programme in return for ending sanctions.

Reuters said that Indian Oil would buy six million barrels of oil and Mangalore Refinery and Petrochemicals three million barrels.

India has been curtailing oil imports from Iran since September.

Oil also dropped as investors focused on rising output from other producers, such as top exporter Saudi Arabia, to compensate for lower Iranian supplies which have fallen further in October according to export data.

India will defy U.S. sanctions and continue importing oil from Iran after a November 4 deadline, easing concerns over the country's energy security but setting up a possible showdown with Washington.

India, a major buyer, has ordered Iranian oil for November, although New Delhi does not yet know whether it will receive such a waiver. According to CNBC, Pradhan said India may use rupees rather than dollars to buy the oil, in an attempt to skirt the sanctions.

Opec accounts for around 40% of the global production.

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While Brent prices softened on Monday from $86 per barrel and was trading at $83.53 per barrel, traders worldwide are betting on crude oil prices to cross $100 yet again.

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

Pradhan said he had spoken to Saudi Oil Minister Khalid al-Falih two day earlier about the June decision by OPEC and major oil producers to add 1 million bpd to the oil market. To this, taxes at the central and state levels are added, besides dealers' commission, to arrive at the retail price.

On Monday, petrol and diesel were selling at Rs 82.03 per litre and Rs 73.82 per litre, respectively, in New Delhi.

Traders said oil prices also got a boost from a new report showing a small drop in oil inventories last week at the main us storage hub at Cushing, Oklahoma. Many BJP-ruled states have also cut the value-added tax (VAT) on fuel by an equivalent amount. And that happened. Because recently, Iran reduced their exports by 700,000 barrels a day, if I'm not mistaken.

Iran has blamed Trump for oil price hikes, but the United States president has pointed the finger at OPEC and called on the oil-producing body to boost output.

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