USA may grant waivers on Iran crude sanctions

USA may grant waivers on Iran crude sanctions

Petroleum Minister Dharmendra Pradhan on Monday said Indian companies will continue to buy Iranian oil in November despite the looming USA sanctions on that country.

The minister's comments come before the USA sanctions on Iran kick in from November 4. "We do not know if we will get waiver (from USA sanctions) or not".

On the fall of crude price, oil watchers likened the cause on expectations that some Iranian oil exports will keep flowing despite USA sanctions, easing a strain on supplies. Pradhan said India has its own energy requirements which need to be fulfilled.

"It has been quite a tough process to negotiate", said Sanjay Sudhir, a joint secretary handling worldwide cooperation in the Oil Ministry, in reference to efforts to diversify supplies and reduce Iranian imports.

Indian Oil Corp (IOC) Chairman Sanjiv Singh said his company is among the two which have placed order for November.

"We have ordered for our usual quantity of oil", he said.

Reuters said that Indian Oil would buy six million barrels of oil and Mangalore Refinery and Petrochemicals three million barrels.

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"Any country that makes such claims. just wants to display its support for the United States sanctions against Iran", Zanganeh was quoted as saying. Paying in rupee is an option.

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.

Pradhan said that while speaking to Saudi Arabia's energy minister Khalid A. Al-Falih two days ago he had reminded him of Opec's June decision and added that perhaps the increase in oil productions had not taken place. Saudi Arabia, Kuwait, Iraq, Nigeria, and the USA do not offer these terms. "Iran's oil can not be replaced by Saudi Arabia nor any other country", Zanganeh was quoted as saying on his ministry's website.

Mr Zanganeh said: "Mohammed bin Salman's remarks can only satisfy (U.S. President Donald) Trump". Reuters had reported on Friday that India would buy 9 million barrels of Iranian oil next month.

"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".

On Monday, crude oil prices fell early in the session in response to a report that Saudi Arabia stands ready to replace all of the oil lost because of the sanctions.

"What the Saudis had been supplying the market with, were not from Riyadh's spare capacity but from tapping its oil stocks", Zanganeh said, according to the website.

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