Crude oil stays steady with Iranian sanctions just a month away
08 October, 2018, 12:54 | Author: Kristi Dunn
Two companies in India, a big buyer of Iranian oil, have ordered barrels in November, India's oil minister said on Monday.
It faces a November 4 deadline to reimpose harsh sanctions on Iran, lifted in 2015 by the United States under terms of an worldwide nuclear deal with Tehran that President Donald Trump abandoned in May.
Saudi Arabia said last week it plans to raise production in November from October output of 10.7 million barrels per day (bpd), indicating Riyadh will be boosting its supply to the highest ever level.
The billion-dollar question for the month is definitely who will fill in the gap for the Iranian oil that is about to be removed from the market due to another phase of USA sanctions.
White House National Security Adviser John Bolton said on Thursday that the administration's goal was that there be no waivers and "exports of Iranian oil and gas and condensates drops to zero".
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.
India will buy nine million barrels of Iranian oil in November, in a signal the world's third-biggest oil importer will continue purchasing crude from the Islamic republic despite U.S. sanctions coming into force on November 4.
The Iranians have ignored the treaty "for an awfully long time", Mr Pompeo told reporters.
Top Photo | Russian Minister of Energy Alexander Novak, Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia and Minister of Energy of the United Arab Emirates, UAE, Suhail Mohamed Al Mazrouei, from left, attend a news conference after a meeting of the Organization of the Petroleum Exporting Countries, OPEC, and non OPEC members at their headquarters in Vienna, Austria, June 23, 2018.
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"Saudi Arabia's effort to ramp up production seems to be only enough to mitigate the effect of lower supply from Iran and Venezuela, but not fully replace it", said Jens Naervig Pedersen, senior analyst at Danske Bank A/S in Copenhagen. It was an indication that India will continue purchasing crude from Iran, despite the Trump administration's push to get countries to stop their purchases. Trump at the time said he expected the Saudis and other Gulf allies to make up the shortfall in Iranian production that would result from the sanctions.
Indian Oil Corp will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals another 3 million barrels, the source said. But its output has declined sharply in recent months under the threat of USA sanctions.
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