USA considers sanction waivers on countries reducing imports of Iranian oil
USA considers sanction waivers on countries reducing imports of Iranian oil
A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf
09 October, 2018, 07:08
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.
He has dismissed claims by the Saudi crown prince as "nonsense". And that happened. Because recently, Iran reduced their exports by 700,000 barrels a day, if I'm not mistaken.
Pradhan said he had spoken to Saudi Oil Minister Khalid al-Falih two day earlier about the June decision by OPEC and major oil producers to add 1 million bpd to the oil market. "Iran's oil can not be replaced by Saudi Arabia", the minister added. Consequently, rising oil supply has added to the pressure observed in the oil complex this morning.
"What Saudi Arabia had been supplying the market with, were not from [its] spare capacity but from tapping its oil stocks", he pointed out.
Trump announced in May that Washington was pulling out of the nuclear agreement, officially known as the Joint Comprehensive Plan of Action (JCPOA), which lifted nuclear-related sanctions against Tehran in exchange for restrictions on Tehran's nuclear program. Iran says it has abided by the nuclear deal signed in 2015 with five major powers including the United States. She said the sanctions that would come into force on 4 November were created to bring Tehran to book and not to penalise India, which meets 83% of its crude oil requirements from outside. A second round, forthcoming on November 4, will be targeting Iran's oil sales and its Central Bank.
"The step taken by the government reverses the price deregulation of diesel and petrol and increases the likelihood that the government may ask upstream companies Oil and Natural Gas Corporation (Baa1 stable) and Oil India Limited (Baa2 stable) to share the fuel subsidy burden", the report added.
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Prince Mohammed told Bloomberg on Friday that the kingdom had met its promise to Washington to make up for Iranian oil supplies lost through U.S. sanctions, reimposed when the United States exited a 2015 nuclear deal between Tehran and six powers.
These claims aim to satisfy the USA and express support for Washington's sanctions against Iran, he added. Of the 220.4 million metric tonnes (million MT) of crude oil imported by India in 2017-18, about 9.4% was from Iran.
"However it would come at a cost, both in terms of higher oil prices compared to the favourable terms it gets from Iran and in terms of higher shipping costs as they would inevitably be longer distance shipments compared to Iranian exports".
We were trying to balance our relationship with the U.S. and Iran, at the same time keeping our energy and security interest in mind. "This is an obvious fact".
India hopes to secure a waiver from U.S. sanctions on Iran before they take effect on November 4, as it had significantly cut Iranian oil imports before the deadline, officials said on Monday.
The official, who spoke on the condition of anonymity, said the administration was "in the midst of an internal process" of considering exceptions called SRE waivers, or significant reduction exemptions.
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