Monday, 12 November, 2018

Despite US sanctions, India to continue buying Iranian oil

Official says S Arabia unable to replace Iran’s oil Crude rises as alarm bells sound over supply crunch
Andy Castillo | 08 October, 2018, 12:57

Crude oil for October was trading lower by Rs 80, or 1.44 percent, to Rs 5,466 per barrel with a business volume of 2,472 lots at the Multi Commodity Exchange (MCX).

US President Donald Trump's administration is considering sanction waivers for countries that are reducing their imports of Iranian oil, a US government official said on Friday.

The US benchmark West Texas Intermediate fell 54 cents, or 0.73 percent, to United States dollars 73.80, while Brent, the global benchmark, was down 80 cents, or 0.95 percent, to USD 83.36 a barrel.

Russia's involvement in the deal may seem surprising given that Russia publicly vowed in August to do "everything necessary" to protect its shared economic interests with Tehran - including the estimated $50 billion in Russian investments in Iran's oil sector that Russia has said will continue despite USA plans to sanction the Iranian oil and gas sectors beginning on November 4.

Oil has been supported by concern that the Iranian export loss will leave a thinner margin of unused production capacity to deal with supply shocks. Supply concerns from Iran, increased U.S. stockpiles and reports about Russian Federation and Saudi Arabia raising production kept the crude counter busy.

He put the country's oil exports volume at 2.8 million oil barrels per day (bpd) and reiterated that OPEC and non-OPEC member states can not make up for Iran's huge oil production volume in the global markets.

Toyota Recalls More Than 800000 Prius Vehicles In U.S.
In isolated cases, the automaker said that the vehicles stalled, although their power steering and brake systems still functioned. Toyota has announced that it will recall 55,519 hybrid cars in the United Kingdom as part of a 2.4 million-car global recall.

Meanwhile, the US Energy Information Administration (EIA) reported a huge increase in weekly crude oil inventories.

Brent crude oil prices fell by more than 1 percent on Monday after Washington said it may grant waivers to sanctions against Iran's oil exports next month, and as Saudi Arabia was said to be replacing any potential shortfall from Iran.

Novak was not alone in predicting a return to three-digit price levels last seen in 2014.

The administration withdrew from a deal over Tehran's nuclear program in May and is unilaterally reimposing sanctions on Iran's crude oil consumers on November 4.

However, even a promise by Saudi Energy Minister Khalid Al-Falih that the kingdom is willing to tap all of its spare capacity of 1.3 million barrels a day, if necessary, does not seem to be reassuring the market. Two months later, Iran asked the court to demand the US lift sanctions against it. Speculators have built bullish long positions on hopes of further price rise.

"The higher price that we have in the last month, it's not because of Iran", he said.

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