Two Indian companies to buy Iranian oil in November: Dharmendra Pradhan

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The U.S.'s sanctions on Iranian oil come into effect on November 4, but at least one country says it won't be playing ball.

The administration is "prepared to work with countries that are reducing their imports on a case-by-case basis", the official said.

But 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. Iran says it has abided by the nuclear deal signed in 2015 with five major powers including the United States.

President Trump chose to leave the deal and reimpose sanctions.

US Secretary of State Mike Pompeo said in India last month that they may consider waivers for Iranian oil buyers like India, but they must reduce their imports.

Two companies in India, which in the past have been big buyers or Iranian oil, have ordered barrels in November, according to India's oil minister.

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

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"Refiners have placed November nominations to lift 1.25 million tonnes (about 9 million barrels) of oil from Iran", a source has told Reuters.

Oil dropped below $83 a barrel on Monday, pressured by expectations that some Iranian oil exports will keep flowing after the US reimposes sanctions, easing a strain on supplies.

Last week, India reduced gasoline and diesel prices to give relief to consumers against rising global crude prices caused by uncertainty over U.S. sanctions on Iran and OPEC's decision to raise output.

"Likely, India and Iran will agree to use Rupee payments instead of U.S. 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. Saudi Arabia and its allies have raised output to offset declining supply from the Persian Gulf nation and the kingdom can tap its spare capacity immediately to boost production further, the Saudi crown prince said in an interview.

"(Mohammed) bin Salman's remarks and such bragging can only satisfy (U.S. President Donald) Trump. No one else will believe him. The bulk of spare capacity is held by Saudi Arabia.

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.

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