Iran refutes Saudi claim that can meet post-sanctions oil demand

OIL DERRICKS

This new stance is triggering criticism from some Iran hawks and comes amid disparate statements about the administration's willingness to grant other concessions, such as preserving Iran's access to worldwide financial markets, as the Free Beacon first reported on Monday. Additionally, the sudden formation of a hurricane in the Gulf of Mexico is creating worries for Gulf Coast refineries.

U.S. West Texas Intermediate (WTI) crude futures rose 67 cents to settle at $74.96 a barrel, a 0.90 percent gain.

Speculators also helped the markets recover from early session weakness as they increased long bets in response to China's attempt to stimulate the economy.

Washington said on Friday it was considering waivers for nations that were reducing imports of Iranian oil.

Both Iran and Russian Federation have condemned the Trump administration for withdrawing from the deal, a move that will reimpose USA sanctions suspended under the accord to choke off the Iranian economy.

In its World Economic Outlook released late on October 8, the International Monetary Fund said Iran's oil-driven economy is expected to shrink by 1.5 percent this year as a result of declining oil exports, with the drop in economic output accelerating to 3.6 percent in 2019. Last applied from 2012 to 2015, the sanctions are in retaliation for Iran's supposed nuclear proliferation program. The figure also marks a further fall from 1.6 million bpd in September.

India, however, wants to keep importing oil from Iran, because Tehran offers discounts and incentives for them at a time when the Indian government is struggling with higher oil prices and a weakening local currency.

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Delhi is hopeful that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries will heed U.S. calls for production to be boosted by one million barrels per day, as promised in June, which might help bring benchmark prices down.

"Despite the mischief of the Americans, Iran's oil exports have surpassed state budget outlay projections", Vice President Es'haq Jahangiri said last week. Currently, India pays Iran in euros using European banking channels but these would be blocked from November, said the report.

India would continue its energy imports from Iran even in the wake of the USA government's 4 November deadline, hinted petroleum minister Dharmendra Pradhan on Monday.

We've known for month's that the crude oil market is fragile at this time and that any supply disruption could fuel another leg up in the rally.

If forecasts prove accurate, the hurricane would largely miss major oil-producing assets, analysts said, but a change of track could widen the impact.

Hurricane fears are likely to drive the price action on Tuesday.

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