United States may grant waivers on Iran crude sanctions

The market will never buy Saudi Arabia's claim that it has been compensating for the loss of Iran's oil exports, Iranian Oil Minister Bijan Zanganeh said on Monday, adding that Saudi Arabia officials have been claiming they are able to offset Iranian losses under USA pressure.

"Refiners have placed November nominations to lift 1.25 million tonnes (about 9 million barrels) of oil from Iran", a source has told Reuters.

However, a United States government official said on Friday that the country could consider exemptions for nations that have already shown efforts to reduce their imports of Iranian oil.

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.

"Obviously, all countries in the Persian Gulf region want to sell their oil, and the world is in need of this region's oil and other energy resources", the top Iranian diplomat said. "So we export as much as 2 barrels for any barrel that disappeared from Iran recently", he said. According to CNBC, Pradhan said India may use rupees rather than dollars to buy the oil, in an attempt to skirt the sanctions.

Also pressuring oil below $83 a barrel in early trade were reports that some Iranian oil exports will keep flowing after the U.S.re-imposes sanctions.

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As reported, Indian Oil Corp will lift six million barrels of Iranian oil while Mangalore Refinery and Petrochemicals Ltd ships in three million barrels.

Opec accounts for around 40% of the global production.

The news of India's continued importation of Iranian crude had a positive effect on oil prices, with Brent crude down 1.6% to $82.79 at the time of writing on Monday morning. And Saudi Arabia and OPEC and non-OPEC countries, they've produced 1.5 million barrels a day.

"Such brags would only satisfy Mr. Trump but the market would never buy such a claim", Iran's oil ministry's news service Shana quoted Zanganeh as saying, in response to last week's remarks by Saudi Crown Prince Mohammed bin Salman that the Saudis were offsetting Iranian losses and even more. To this, taxes at the central and state levels are added, besides dealers' commission, to arrive at the retail price.

"The step taken by the government reverses the price deregulation of diesel and petrol and increases the likelihood that the government may ask upstream companies Oil and Natural Gas Corporation (Baa1 stable) and Oil India Limited (Baa2 stable) to share the fuel subsidy burden", the report added.

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