U.S. may grant waivers on Iran crude sanctions

OIL DERRICKS

"The oil market mood is exceptionally bullish, with fears growing that the USA demands for an Iran oil embargo could cause a significant supply shortfall", said Julius Baer commodities research analyst Carsten Menke.

Besides, New Delhi sought to get around the restrictions by supplying goods including wheat, soybean meal and consumer products to Iran in exchange for oil.

"There is growing concern that suppliers such as Saudi Arabia and Russian Federation will struggle to compensate for potential production declines from Iran and Venezuela, which has supported oil prices in today's trading session", said Abhishek Kumar, senior energy analyst at Interfax Energy in London.

Oil has been supported by concern that the Iranian export loss will leave a thinner margin of unused production capacity to deal with supply shocks.

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

Brent crude, the global benchmark, was down 1.32% to $83.05 a barrel on London's Intercontinental Exchange early on Monday.

Although US sanctions against Iran begin on November 5, the US State Department is reportedly looking at reduction waivers for individual countries - with India cited - to give them more time to replace oil imports from Iran.

Trump likes Swift's music 25% less after political post
After her post went up, encouraging fans to go to vote.org, the site saw more than 155,000 unique visitors in a 24-hour period. For a lot of us, we may never find a candidate or party with whom we agree 100% on every issue, but we have to vote anyway.

India has already stated that it will continue importing oil from Iran as they "do not recognise sanctions imposed by anyone other than the United Nations".

The International Monetary Fund (IMF) estimates that Iran's economy fell into a recession this year that will get worse next year as a result of renewed USA sanctions on Tehran.

Prince Mohammed told Bloomberg on Friday that the kingdom had met its promise to Washington to make up for Iranian oil supplies lost through U.S. sanctions, reimposed when the United States exited a 2015 nuclear deal between Tehran and six powers.

This is the first time Pradhan has spoken about India's stand on buying Iranian oil once the USA sanctions on Iran come into force from 4 November.

Reeling from high oil prices, India has also reminded Saudi Arabia of the promise by the Organization of the Petroleum Exporting Countries (Opec) of increasing production by an additional 1 million barrels per day, said Pradhan.

India, the world's third-largest oil importer, is a major importer of Iranian oil. The Indian basket represents the average of Oman, Dubai and Brent crude. Also, subsidised domestic cooking gas prices have been increased by Rs 2.89 per 14.2 kg cylinder to Rs 502.40, an all-time high. Additionally, the state-owned oil marketing companies have been mandated to reduce prices of petrol and diesel by Re 1 a litre.

In the run-up to 2019 general elections, Fitch Ratings recently raised the spectre of return of state control on fuel pricing in India.

Related News:



Most liked

Black Ops 4 Has a 50 GB Update If You're Buying Physical
The only upside is that Blackout, the new Battle Royale mode, becomes playable once the install is around 30% done. If you wanted to play your new copy of Black Ops 4 on launch day, you may have quite a wait on your hands.

Trump says UN ambassador Haley to leave at end of year
She told Trump around six months ago that she was thinking of quitting by the end this year "to take a little time off", he said . Echoing previous statements from Trump, Haley said the United States under his presidency is now respected around the world.

North Korean leader Kim Jong Un wants Pope Francis to visit
While Kim's actions since have fallen short of Washington's demands, the Trump administration is preparing for a second summit. Trump tweeted earlier Sunday Kim and Pompeo "had a good meeting".

Arsenal Legend Insists Arsenal Are Right To Let Ramsey Leave
I think they've lost him already - I think he's gone, Come January or the summer, he'll be going somewhere else. Ryan Giggs has hailed Arsenal midfielder Aaron Ramsey .

Mahrez penalty miss costs City victory at Liverpool
One situation and they are alone in front of your goalie, or alone in the box and they shoot and score an easy goal. Klopp said this following his side's Premier League 0-0 draw with City at Anfield on Sunday in the Premier League.

First look at Ruby Rose as Batwoman no responses
Once established, Batwoman will receive her own standalone series overseen by Greg Berlanti, and scripted by Caroline Dries . Rose's Batwoman will be different from previous versions in popular culture, as her iteration will be an out lesbian.

Intel announces its ninth-generation desktop processors, including the Core i9-9900K
The Intel Core i7-9700K is also rated with a base clock of 3.6GHz and can boost one its processor cores all the way to 4.9GHz. AnandTech has a rundown of all the new Z390 motherboards if you need help selecting the flawless option for your new build.

Friendly Harmony Party Leads Pack In Latvian Elections
Seven parties and alliances will join the parliament, called the Saeima, and coalition talks could be long and tense. After casting his vote in Riga , Usakovs predicted the election would bring a political breakthrough for his party.

Juventus coach Allegri: Ronaldo is fine
But on Friday over five percent was wiped off the value of their shares in morning trading on the Milan stock exchange. However, the Italian club's reaction to the issue has angered some fans as "dismissive" and "insensitive".

‘Venom’ Devours $80M; ‘A Star Is Born’ Shines Bright with $42M
Deadline reports that Ruben Fleischer's film made $32.3 million on Friday and is heading towards a $77-$ 80 million weekend. However, on Metacritic, Venom has a 5.8 user score, way below than the 9.2 user score for Lady Gaga's 'A Star Is Born '.

Senate Set to Close Debate on Kavanaugh Supreme Court Nomination
Before the vote, leaders of the chamber traded sharply divergent characterisations of whether Kavanaugh belongs on the court. Confirmation would be a crowning achievement for Mr Trump, his conservative base and Senate Majority Leader Mitch McConnell.

Virgil van Dijk says Liverpool have earned Manchester City's respect
Before the season started I thought United and Liverpool would both be close to City this time. The Blues haven't lost a game at St Mary's in the Premier League since March 2013.

Tanushree Dutta files police complaint against Nana Patekar, Ganesh Acharya
Tanushree Dutta slams Salman Khan and Bigg Boss over Nana Patekar Controversy. CINTAA officials met Tanushree Dutta on October 3, PTI reports.

New Facebook message hoax spreading
The security bug would let attackers steal "access tokens", which are digital keys that Facebook uses to keep people logged in. The copyright hoax is, in part, a meme about what we post to social media, and what those companies do with that information.

Palestinian gunman kills 2 Israelis in West Bank
Israeli leaders blame Palestinian violence, "incitement" and intransigence for the lack of progress in peace efforts. He said it appeared to be a "lone-wolf attack" and that security forces were searching for the suspected perpetrator.