Oil drops on expectations Iran will maintain some exports

Oil drops on expectations Iran will maintain some exports

Wells, who was in New Delhi earlier this month as part of the delegation accompanying US Secretary of State Mike Pompeo for the India-US "2+2" dialogue, said there was no "blanket waiver or country-specific waiver" from US sanctions on trading with or investing in Iran or buying arms from Russian Federation. Elsewhere, the second largest importer of Iranian oil, India, is planning to purchase 300kbpd of Iranian oil in November.

Indian Oil Corp will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals another 3 million barrels, the source said.

With Iran sanctions still on the table, potential spare capacity constraints and also a slowdown in United States drilling, USA bank JP Morgan said in its latest cross-asset outlook for clients that it recommended to "stay long Jan '19 WTI on supply risks to crude".

"In particular, both India and China continued to import crude from Iran, even though they had to cut down volumes significantly".

The government was discussing its options to buy Iranian oil with all authorities, Pradhan said.

White House National Security Advisor John Bolton said only last week that the administration wanted to avoid all waivers and see Iranian oil and gas exports entirely staunched, but that it might not be able to achieve that aim.

"We have to fulfill all our domestic requirements", Pradhan said, confirming the plan to buy some Iranian crude after USA sanctions kick in. Pradhan admitted Monday he was not sure India would get a waiver. She said the sanctions that would come into force on 4 November were created to bring Tehran to book and not to penalise India, which meets 83% of its crude oil requirements from outside.

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"Chatter that Saudi Arabia has replaced all of Iran's lost oil" is weighing on prices, said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

Opec accounts for around 40% of the global production.

Last week, Saudi Arabia announced plans to lift crude output next month to 10.7 million barrels per day (bpd), the Kingdom's highest level ever. Global crude oil prices had reached a record high of $147 per barrel in July 2009.

On Monday, petrol and diesel were selling at Rs 82.03 per litre and Rs 73.82 per litre, respectively, in New Delhi.

Indian Oil Corporation Chairman Sanjiv Singh said on Monday the company has recently made some payments for Iranian oil in rupees.

Iran's condensate exports fell by 46 percent over the first six months of the Iranian year, from March to September, local news agency Isna reported, citing customs data.

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