US Actively Considering Waivers on Iran Oil Sanctions
08 October, 2018, 12:55 | Author: Shawna Walton
Brent crude oil prices fell by more than 1 percent on Monday after Washington said it may grant waivers to sanctions against Iran'soil exports next month, and as Saudi Arabia was said to be replacing any potential shortfall from Iran.
Many analysts said they expected Iranian exports to drop by around 1 million barrels per day. "Their demand is picking up, because Iran volumes are falling". U.S. West Texas Intermediate (WTI) crude futures were down 57 cents, or 0.8 percent, at $73.77 a barrel.
This price per barrel, recorded on Friday, is the highest since October 2014, driven by concerns over a possible reduction in global supply following the imposition of fresh United States sanctions against Iran.
Saudi Arabian Crown Prince Mohammed bin Salman insisted the kingdom is fulfilling promises to make up for lost Iranian crude supplies, Bloomberg reported.
Top Photo | Russian Minister of Energy Alexander Novak, Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia and Minister of Energy of the United Arab Emirates, UAE, Suhail Mohamed Al Mazrouei, from left, attend a news conference after a meeting of the Organization of the Petroleum Exporting Countries, OPEC, and non OPEC members at their headquarters in Vienna, Austria, June 23, 2018. Saudi Arabia at present produces 10.7 million barrels per day.
"On the one hand, we have the shouting of the arrogant powers and politicians of imperialist America.on the other, we have the economic problems of the nation and the tightness of the livelihood of a large portion of the weak people in the country", he remarked.
USA crude exports can not increase rapidly enough to replace Iranian barrels, until the Permian pipeline bottleneck eases in mid-2019.
India will buy nine million barrels of Iranian oil in November, in a signal the world's third-biggest oil importer will continue purchasing crude from the Islamic republic despite USA sanctions coming into force on November 4.
Top buyer China continues to buy a significant share of Iranian crude, with flows averaging 660,000 b/d in January-September, up from 602,000 b/d a year ago.
India's purchases of U.S. crude oil have fallen by 75 percent over the past four months as the subcontinent stocks up on Iranian crude, Reuters has reported.
USA sanctions against Tehran are widely expected to have an immediate impact on Iran's oil exports, although the estimates of exactly how much of the country's oil could disappear from November 4 vary widely.
Just hours after the ICJ verdict, U.S. Secretary of State Mike Pompeo announced that the U.S. was quitting the Treaty of Amity with Iran.
USA oil shipments to India fell to 84,000 barrels per day (bpd) last month, down 75 per cent from a record high of 347,000 bpd in June, Kpler data showed.
Secretary of State Mike Pompeo's upcoming visit to North Korea will produce a breakthrough in stalled denuclearization talks. North Korea's state newspaper Rodong Sinmun called the sanctions "rude" in light of its conciliatory measures.
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