U.S. considers sanction waivers on countries reducing imports of Iranian oil

U.S. considers sanction waivers on countries reducing imports of Iranian oil

Top industry sources said Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have contracted 1.25 million tons of Iranian oil for import in November, the month when the USA sanctions against Iran's oil sector will kick in, the Economic Times reported. "So we did our job and more".

By Lalit K Jha (Eds: Updating with background) Washington, Oct 5 (PTI) The US is going extra lengths to find substitute for Iranian oil for countries like India and Iraq, the White House has said, as the Trump administration prepares to impose sanctions on nations defying its directive to bring their oil imports from the Gulf nation to zero by November 4.

But he also conceded that higher prices over one to two years "will incentivize" the U.S.to increase production.

On Wednesday, Reuters reported the details of a private and "secret" deal reached between Russian Federation and Saudi Arabia, a deal that was aimed at increasing oil output in order to offset the coming shock to oil prices that will follow us efforts to starve Iran of its oil revenues. Saudi Arabia at present produces 10.7 million barrels per day.

"It now appears that only China and Turkey may be willing to risk United States retaliation by transacting with Iran", Jefferies said. Meanwhile, the remaining parties to the 2015 nuclear deal-namely, Britain, France, Germany, Russia and China-have vowed to circumvent the American restrictions through the creation of a "special goal vehicle" that could include a mechanism for bartering goods for Iranian oil.

Oil is heading for the longest run of weekly gains since January on concern that higher Saudi and Russian output may not prevent a supply crunch as impending USA sanctions squeeze Iranian exports.

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"Iran is attempting to interfere with the sovereign rights of the United States to take the lawful actions necessary to protect our national security, and Iran is abusing the ICJ for political and propaganda purposes", Pompeo told reporters. Despite the International Atomic Energy Agency affirming Iran's compliance with the agreement, Trump said Tehran's support for regional movements opposed to Western interests, its ballistic missile development and alleged desire to build nuclear weapons meant the deal was not worth it.

It was the first time a U.S. official said the administration was in the process of considering waivers.

Many analysts said they expected Iranian exports to drop by around 1 million barrels per day. But its output has declined sharply in recent months under the threat of US sanctions. The loss was of about 1.6%, but is expected to rise 2.5% for the week.

Fundamentals indicate a price in the high $70s for Brent, but the reality is seen above that, he said. "It's mostly because of things happening in Canada and Mexico, Libya, Venezuela, and other countries".

U.S. oil shipments to India fell to 84,000 barrels per day (bpd) last month, from a record high of 347,000 bpd in June, the news agency reported on Friday, citing traders and shipping intelligence firm Kpler.

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