India may continue with Iranian oil imports post sanctions

Oil Barrels

Worldwide benchmark Brent crude oil futures LCOc1 were at $83.26 per barrel at 0352 GMT, down 90 cents, or 1.1 percent, from their last close.

West Texas Intermediate (WTI) crude CLc1 was down by 16 cents, or 0.2 percent, at $74.8 a barrel, after rising almost 1 percent in the previous session.

Iran's Oil Minister Bijan Zanganeh on Monday dismissed as "nonsense" claims by the Saudi crown prince that Saudi Arabia can replace sanctions-hit Iranian oil in the market.

Speaking at an event here, Pradhan said two of India's state-owned companies had contracted for Iranian crude for November. An industry source also said October shipments were so far below 1 million bpd.

In the previous round of sanctions from 2012 to 2015, India continued to buy Iranian crude although it had to cut purchases significantly to protect its wider exposure to the USA financial system.

That's prompted concerns about where the world will get its oil, which has pushed Brent prices as high as $86 a barrel, the highest since 2014.

Nigeria's growth not enough to create jobs, says International Monetary Fund
The move is speculated to have been pushed by authorities in response to the IMF's calls for a weaker exchange rate . Core inflation, which excludes volatile items such as energy, will vary from country to country, it said.


Sri Lanka, a country closely watched by the United States is expected to raise oil prices again by Wednesday midnight under the fuel price formula in line with increasing global prices.

The Indian orders have reportedly been placed by Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL). The U.S. has since said it could consider exemptions for countries that have already shown efforts to reduce their imports of Iranian oil.

India, the world's third-biggest oil importer, will buy 9 million barrels of Iranian oil in November, Reuters reported on Friday, citing two industry sources.

With the European Union considering the creation of a "special goal vehicle" before November to facilitate trade with Iran, India hopes to find a way to settle payments to Tehran.

The current stance differs drastically from the administration's position just four months ago, when Trump was pressuring his administration to fully enforce USA sanctions on Iran.

The EIA reported crude supplies rose by 8 million barrels for the week ended September 28 - the largest weekly climb year to date.

Disease fears as more bodies found in Indonesia disaster
Jono Oge was hit hard by liquefaction with dozens of teenagers at a nearby church and Bible camp killed. As the sun set, a mass prayer ceremony was held by Palu's seafront that was scoured by the tsunami.


Delhi is hopeful that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries will heed U.S. calls for production to be boosted by one million barrels per day, as promised in June, which might help bring benchmark prices down.

Iran may indeed have not cut production yet to match the rate of decline in its exports, as the country appears to be storing more oil on ships as it did during sanctions that applied until the 2015 nuclear deal.

This theory will be tested this week with the shutdown of 19 percent of oil production in the Gulf of Mexico due to rapidly approaching Hurricane Michael.

If forecasts prove accurate, the hurricane would largely miss major oil-producing assets in the Gulf, analysts said, but a change of track could widen the impact.

Trade tensions and rising import tariffs were taking a toll on commerce, while emerging markets struggle with tighter financial conditions and capital outflows, the International Monetary Fund said.

Richland, Lexington counties under tropical storm watch as Michael approaches
A Storm Surge Warning is in effect for. "Remember, this storm could grow stronger and be a Category 3 hitting our state". Although the forecast could change, there is no indication that the storm will deteriorate before making landfall.


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