Tuesday, 16 October, 2018

Brent crude drops below $83 on expectations Iran will maintain some exports

Trump move stirs debate over Utah monuments REUTERS Andrew CullenMore
Jean Garcia | 08 October, 2018, 16:54

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 54 cents, or 0.7 percent, at $73.80 a barrel.

Refiners have already announced purchases of oil from Iran for November at levels nearly similar to those in October, despite the start of the sanctions on the 4 November.

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

But Iran, OPEC's third-largest producer, has repeatedly said that its oil exports can not be reduced to zero because of high demand levels in the market and has blamed Trump for an oil price rally caused by imposing sanctions on Tehran.

A United States government official, who spoke on the grounds of anonymity, said the Trump administration is "in the midst of an internal process" of considering exceptions called SRE waivers, or significant reduction exemptions.

Iran accounts for 10% of India's crude oil imports, making it the second largest importer of Iranian oil behind China.

New United Nations report details looming climate crisis
And that would have the side benefit of avoiding more than 100 million premature deaths through this century, the report said. Well, it will require rapid, far-reaching and unprecedented change across the whole of society, according to the report.

Brent crude oil prices fell 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.

Meanwhile, the Trump administration was in discussions with countries that want to continue buying Iranian oil after sanctions are reimposed early next month, according to two USA officials.

India, the world's third-biggest oil importer, will buy 9 million barrels of Iranian oil in November, Reuters reported on Friday, citing two industry sources.

India has a strong trade and diplomatic relationship with both Iran and the US. New Delhi and Tehran have reportedly discussed reverting to rupee trade after November 4.

"The president has directed all of us in the government to come up with steps to re-impose the economic sanctions and to do whatever else is necessary to ensure we bring maximum pressure on the regime to stop its malign behavior across the board - not just in the nuclear field, but across the board", Bolton said on Thursday.

Further weighing on oil prices was "chatter that Saudi Arabia has replaced all of Iran's lost oil", said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. "Iran's oil can not be replaced by Saudi Arabia".

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