Pressured by Report Saudi Arabia Stands Ready to Cover Shortfall

Oil Barrels

Indian refiners imported around 10 million barrels of Iranian oil in October, and its November shipments are expected to be lower.

In the previous round of sanctions from 2012 to 2015, India continued to buy Iranian crude although it had to cut purchases significantly to protect its wider exposure to the us financial system. "We will be guided by our national interest", he said.

The extra cargoes indicate a willingness by Saudi Arabia to increase crude supply to make up the shortfall once sanctions by the United States on oil exports from Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), start up on November 4.

The selloff is "understandable as perceived extra supply provides a good excuse to take profit after a strong rally", Tamas Varga, an analyst at PVM Oil Associates Ltd. Washington said on Friday it was considering waivers for nations that were reducing imports of Iranian oil. "Two of our oil companies have made nominations to purchase Iranian oil in November", he reportedly said at "The Energy Forum" on Monday.

For weeks, crude oil has been underpinned and driven higher by US sanctions set to target Iran's crude oil exports during the first week in November, and the Trump administration has been leaning on governments and global companies to cut their imports to zero.

Delhi is hopeful that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries will heed USA calls for production to be boosted by one million barrels per day, as promised in June, which might help bring benchmark prices down.

"Such exaggerations might please Mr Trump, but the market will never believe them", Bijan Namdar Zanganeh said, according to the oil ministry's SHANA news site.

This follows a decision by US President Donald Trump to withdraw from a nuclear deal that Washington - together with Britain, France, Germany as well as Russian Federation and China - signed with Iran in 2015.

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This new stance is triggering criticism from some Iran hawks and comes amid disparate statements about the administration's willingness to grant other concessions, such as preserving Iran's access to worldwide financial markets, as the Free Beacon first reported on Monday. It further added that this is the longest streak of weekly cuts since October a year ago.

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

In May, before US President Donald Trump announced reinstating sanctions against Tehran, the International Monetary Fund had projected Iran's economy would grow by 4.0 percent in 2018 and again next year. "State's been pushing very hard on this, they deserve a lot of credit for their efforts, so let's see what they come up with before criticizing".

The softer stance on Iran plus news that Saudi Arabia and Russian Federation could ramp up oil production to compensate for the sanctions has lowered oil prices slightly.

Although countries like Turkey, Russia, and China have indicated they will go ahead with their oil trade with Iran, the European Union will probably accede in a large measure, given the exposure of their companies to the US banking system.

The Trump administration's push for the Middle East-dominated cartel to start pumping more oil comes as the White House prepares to impose sanctions against Iran in around four weeks' time.

Besides blocking of banking channels from November, the absence of payment mechanism may pose a challenge to the transportation of the oil as Iranian crude is bought on a CIF basis and shipped on Iranian tankers.

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