Oil drops as USA considers granting some waivers on Iran crude sanctions

US considers sanction waivers on countries reducing imports of Iranian oil

On a related matter, Reuters reported on October 5 that Indian crude importers intend to keep buying oil from Iran in November after USA sanctions go into effect and are seeking a waiver from the sanctions from Washington.

Secretary of State Mike Pompeo announced on Wednesday the termination of the USA and Iran's 1955 Treaty of Amity, Economic Relations, and Consular Rights following Iran's use of the document as justification to take the U.S.to the United Nations' International Court of Justice (ICJ) over sanctions imposed by the Trump administration. No matter what the outcome, however, the State Department's lawyer has argued that the judiciary "lacks prima facie jurisdiction to hear Iran's claims" because the US had a right to defend its national security among other interests and that the 1955 treaty "cannot, therefore, provide a basis for this court's jurisdiction". Supply concerns from Iran, increased U.S. stockpiles and reports about Russian Federation and Saudi Arabia raising production kept the crude counter busy.

In its submission to the court, Iran argued that the USA had violated both the terms of a 1955 bilateral friendship treaty, the Treaty of Amity, and a core provision of worldwide law which protected the 2015 Iran nuclear agreement.

As exports have fallen, domestic refinery runs have increased sharply.

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Keeping oil prices below $100 per barrel may have been the deciding factor after all as the very release of the Reuters report that exposed the private Russia-Saudi deal led to a drop in the price of oil (albeit a small one).

Iran's crude exports to China also increased by 29,000 bpd to 620,000 bpd, according to Kpler, as China cut its U.S. purchases amid an ongoing trade spat with the United States.

"Our Indian friends have always been categorical in terms of their intention to continue economic cooperation and (the) import of oil from Iran".

Saudi Arabian Minister of Energy and Industry Khalid Al-Falih said the kingdom is boosting production and would supply refiners.

US Secretary of State Mike Pompeo said in India last month that the administration would consider sanction waivers and that Iranian oil buyers should take a "little bit of time" to stop their trade with Iran.

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