India wants USA sanctions waiver after cutting Iran oil imports
India wants USA sanctions waiver after cutting Iran oil imports
US considers sanction waivers on countries reducing imports of Iranian oil
09 October, 2018, 07:09
CME Group Chairman and CEO Terry Duffy tells FOX Business' Neil Cavuto that US businesses are adapting to current oil prices.
India will buy a total of 9 million barrels of oil from Iran in November, foreign media reported yesterday, citing an industry source, despite United States sanctions on Tehran to return early next month.
Two companies in India, a big buyer of Iranian oil, have ordered barrels in November, India's oil minister said on Monday.
The US administration is "in the midst of an internal process" of considering significant reduction exemptions, Reuters reported quoting an unnamed government official.
Global benchmark Brent crude oil futures LCOc1 were at $83.26 per barrel at 0352 GMT, down 90 cents, or 1.1 percent, from their last close.
Hedge funds cut their bullish wagers on USA crude in the latest week to the lowest level in almost a year, data showed on Friday.
USA crude CLc1 had fallen to a session low of $73.07 per barrel but climbed back up to settle at $74.29, just 5 cents lower.
US Secretary of State Mike Pompeo last month said that on November 4th the sanctions against Iran will be enforced and that the US will consider waivers for countries that bring their Iranian oil purchases down to zero.
Pradhan reportedly said Monday that India does not know if it would get a waiver from the U.S. An industry source who also tracks exports said October shipments were so far below 1 million bpd.
Traders said oil prices also got a boost from a new report showing a small drop in oil inventories last week at the main USA storage hub at Cushing, Oklahoma.
Iran's Oil Minister Bijan Zanganeh on Monday called a Saudi claim that the kingdom could replace Iran's crude exports "nonsense".
The International Monetary Fund on Tuesday cut its global economic growth forecasts for 2018 and 2019, saying that trade policy tensions and rising import tariffs were taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows.
None of the Iranian crude exported in the first week of October is heading for Europe, according to the Refinitiv data.
Iran has questioned whether the market needs more oil and says its output is holding steady at about 3.8 million bpd.
These concerns remain. Innes warned that limited spare production to deal with further supply disruptions meant "the capacity is quickly declining due to Asia's insatiable demand".
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The report is set to lay out four scenarios that could result in Earth's average surface temperature stabilising at 1.5°C. Per the IPCC, humans need to slash carbon output to 45 percent below 2010 levels by 2030 and to straight-up zero by 2050.
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