Brent crude drops below $83 on expectations Iran will maintain some exports

Brent crude drops below $83 on expectations Iran will maintain some exports

The second wave of sanctions that would hit on November 4 would aim to bring Iran's oil exports to zero as claimed by U.S. officials.

India is Iran's second-largest single oil customer after China and was expected to cut back on Iranian oil purchases following U.S. sanctions.

Brent crude oil prices fell more than 1 percent on Monday after Washington said it may grant waivers to sanctions against Iran's oil exports next month, and as Saudi Arabia was said to be replacing any potential shortfall from Iran.

"Such exaggerations might please Mr Trump, but the market will never believe them", Bijan Namdar Zanganeh said, according to the oil ministry's SHANA news site.

USA sanctions against Iran will kick in from 4 November, which will block payment routes.

However, Oil Minister Pradhan said India would continue to purchase Iranian crude in November, according to Reuters. This would signal an attempt to bypass US sanctions on Iranian transactions using the dollar - the dominant currency in global oil trade.

The two countries had later informed the United States about the decision.

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State owned oil and gas company, Indian Oil, was thought to be planning on purchasing 6 million barrels of Iranian oil next month, while Mangalore Refinery and Petrochemicals were set to buy 3 million barrels, Reuters reported on Friday, citing two unidentified industry sources.

Asked about whether oil prices at $85 have already resulted in demand destruction, Dudley told CNBC, "we don't see that destruction". It further added that this is the longest streak of weekly cuts since October past year.

UCO Bank had in the previous round of sanctions handled rupee payments. It was India's second biggest supplier of crude oil after Saudi Arabia till 2010-11 but Western sanctions over its suspected nuclear programme relegated it to the seventh spot in the subsequent years.

The softer stance on Iran plus news that Saudi Arabia and Russian Federation could ramp up oil production to compensate for the sanctions has lowered oil prices slightly.

This is the first public statement made by the Government on its stand on sourcing Iranian oil once the U.S. sanction on Iran pertaining to the oil industry comes into force. In 2013-14 and 2014-15, India bought 11 MT and 10.95 MT respectively from it. In the following year, the Iranian supplies jumped to 27.2 MT to catapult it to the third spot.

The best value zone for the November WTI crude oil market is $72.35 to $71.27. The liability and costs associated with successful transit are paid by the seller until the goods are received by the buyer.

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