US Actively Considering Waivers on Iran Oil Sanctions

US considers sanction waivers on countries reducing imports of Iranian oil

WTI for November delivery traded at $73.33 a barrel on the New York Mercantile Exchange, down 1.4 percent.

Washington's sanctions, targeting Iran's crude oil exports, are to come into force from November 4.

The official said the administration "is ready to work with countries that reduce their imports on a case-by-case basis".

The administration is "in the midst of an internal process" of considering exceptions called SRE waivers, or significant reduction exemptions, said a government official, who spoke on the condition of anonymity.

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

Olivier Jakob of Petromatrix said: "One way or another, it looks as though India is going to take some Iranian crude".

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 USA sanctions on Iran.

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United States sanctions on Iran's crude oil exports are due to come into effect from November 4, after being imposed with the aim of stopping Tehran's ballistic missile programme and its involvement in Syria and Iran conflicts.

India has a strong trade and diplomatic relationship with both Iran and the US.

"Likely, India and Iran will agree to use Rupee payments instead of USA dollar payments, something already tried between 2013 and 2015, with Iran then using Rupees to import food, medicines and other commodities from India", said Leszczynski.

Iran's Oil Minister Bijan Zanganeh has dismissed as "nonsense" claims by the Saudi crown prince that Saudi Arabia can replace sanctions-hit Iranian oil in the market. Output by OPEC's top producer is now at about 10.7 million barrels a day, and it can add a further 1.3 million from its spare capacity "if the market needs that", he said in the interview.

Zanganeh accused Tehran's regional rival Saudi Arabia of bowing to USA pressure, saying such remarks had no "real impact on the market" but were part of a psychological war launched against Iran.

"Bijan Zanganeh was quoted as saying on his ministry's website: "(Mohammed) bin Salman's remarks can only satisfy (U.S. President Donald) Trump.

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