Despite US sanctions, India will buy oil from Iran in November

Despite US sanctions, India will buy oil from Iran in November

While oil prices rallied to four-year highs last week, Saudi Arabia and Russian Federation started to assure the market that they have indeed raised their respective oil production in recent weeks, in line with the OPEC+ agreement from June. "So we export as much as 2 barrels for any barrel that disappeared from Iran recently", he said. The bulk of spare capacity is held by Saudi Arabia.

Trump announced in May that Washington was pulling out of the nuclear agreement, officially known as the Joint Comprehensive Plan of Action (JCPOA), which lifted nuclear-related sanctions against Tehran in exchange for restrictions on Tehran's nuclear program.

Sanctions against Iran will block payment routes for India through the U.S. dollar. A second round, forthcoming on November 4, will be targeting Iran's oil sales and its Central Bank. Oil companies have been tight lipped about Iran imports.

Ralph Leszczynski, Banchero Costa's head of research in Singapore, tells TradeWinds: " The US sanctions on Iranian oil imports are strictly unilateral, as they have been actively resisted by other buyers of Iranian oil.

Oil also dropped as investors focused on rising output from other producers, such as top exporter Saudi Arabia, to compensate for lower Iranian supplies.

Increasing tensions between the USA and Venezuela; the United States demanding an end to all imports of Iranian oil by early November; and the rupee's performance as Asia's worst performing currency of the year have compounded the situation and put India in a hard spot.

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Iran has warned that if it were not able to export its crude oil through the Strait of Hormuz, no other country would be able to do so, threatening to block the strategic strait.

"This is one of the single biggest supportive factors for crude", said analysts at JBC Energy of the U.S.re-imposition of Iran sanctions.

Brent crude futures are trading with losses of 1.4% shedding over $1 following reports that the Trump administration are actively mulling waivers on Iranian sanctions that it will reimpose next month for countries that are reducing their imports of Iranian oil.

"We expect the global leadership to acknowledge India's need for Iran's oil", Pradhan said, adding that he wanted major oil producers like Saudi Arabia to raise production.

"It has been quite a tough process to negotiate", said Sanjay Sudhir, a joint secretary handling worldwide cooperation in the Oil Ministry, in reference to efforts to diversify supplies and reduce Iranian imports.

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