Rocked by Trump's sanctions, Iranian oil exports drops further

Rocked by Trump's sanctions, Iranian oil exports drops further

However, according to Alice G. Wells, principal deputy assistant secretary of state for South and Central Asia, the USA has not taken any decision on sanctioning India for importing oil from Iran and investing in the Chabahar port.

A gas flare on an oil production platform in the Soroush oilfields is seen alongside an Iranian flag in Iran, July 25, 2005.

Iran was exporting between 2.5 and 2.7 million bpd in April before the U.S. announced the return of sanctions.

Tanker schedules are often adjusted and exports can vary week by week.

Further weighing on oil prices was "chatter that Saudi Arabia has replaced all of Iran's lost oil", said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

US crude was down $1.14 at $73.20.

"The step taken by the government reverses the price deregulation of diesel and petrol and increases the likelihood that the government may ask upstream companies Oil and Natural Gas Corporation (Baa1 stable) and Oil India Limited (Baa2 stable) to share the fuel subsidy burden", the report added.

That is the longest streak of weekly cuts since October past year.

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Iran accounts for 10% of India's crude oil imports, making it the second largest importer of Iranian oil behind China. The tankers are sailing to India, China and the Middle East.

Iran's oil minister said on Monday that the market will never believe "exaggerated" claims by Saudi Arabia that it can replace Iranian oil shipments lost due to renewed USA sanctions.

The official said the administration "is ready to work with countries that reduce their imports on a case-by-case basis".

India would lift 9 million barrels of Iranian oil in November, equivalent to about 300,0000 barrels per day (bpd), compared to an average of about 658,000 bpd from April to August, according to data available with Reuters.

Oil traders initially reacted to a selloff in Chinese stocks, but as the USA stock market opened higher, "we've pulled back dramatically", said Mark Anderle, an energy trader at TAC Energy.

Iran has warned that if it can not sell its oil due to USA pressure, then no other regional country will be allowed to do so either, threatening to block the Strait of Hormuz.

With Iran sanctions still on the table, potential spare capacity constraints and also a slowdown in United States drilling, U.S. bank JP Morgan said in its latest cross-asset outlook for clients that it recommended to "stay long Jan '19 WTI on supply risks to crude".

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