Oil drops to around $83 on expectations Iran will maintain some exports

08 October, 2018, 23:19 | Author: Mary Valdez
  • International Court of Justice

Iran may indeed have not cut production yet to match the rate of decline in its exports, as the country appears to be storing more oil on ships as it did during sanctions that applied until the 2015 nuclear deal. "So we export as much as 2 barrels for any barrel that disappeared from Iran recently", he said.

India's oil and natural gas minister, Dharmendra Pradhan, confirmed Monday that two Indian oil companies would be buying Iranian crude in November.

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.

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.

"Refiners have placed November nominations to lift 1.25 million tonnes (about 9 million barrels) of oil from Iran", a source has told Reuters. But Iran, OPEC's third-largest producer, has repeatedly announced that its oil exports can not be reduced to zero because of high demand levels in the market.

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

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"This is one of the single biggest supportive factors for crude", said analysts at JBC Energy of the U.S.re-imposition of Iran sanctions.

Oil prices fell on Monday after a USA government official said Washington was considering granting waivers to its sanctions against Iran's crude exports next month, and as Saudi Arabia was said to be replacing any potential shortfall from Iran.

Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, taking a major hit from USA sanctions and throwing a challenge to other OPEC oil producers as they seek to cover the shortfall.

Worldwide benchmark Brent crude oil futures were at US$83.53 (RM364.40) per barrel at 0028 GMT, down 63 cents, or 0.75%, from their last close. The Indian basket represents the average of Oman, Dubai and Brent crude. Many BJP-ruled states have also cut the value-added tax (VAT) on fuel by an equivalent amount.

"In effect, the government has asked the OMCs to sell petrol and diesel at subsidized prices, for which they will not be reimbursed", the report said.

Oil prices have extended a rally on expectations the sanctions will test the Organization of the Petroleum Exporting Countries and other producers.

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