Trump Administration Examines Path to Waive Iranian Oil Sanctions

Trump Administration Examines Path to Waive Iranian Oil Sanctions

"We were trying to balance our relationship with the USA and Iran, at the same time keeping our energy and security interest in mind", he added. At the same time, as a report in The Times of India said, there was no clarity on whether New Delhi will get a waiver from Washington.

"This rapidly declining availability of Iranian barrels within the anticipatory phase of the oil sanctions could prove to be a powerful bullish force but also one that can quickly subside once these sanctions are fully realized next month", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

International Olympic Committee and ONGC's refining subsidiary MRPL, (Mangalore Refinery and Petrochemicals Ltd) have placed an order for 1.25 million tonnes of Iranian crude.

Benchmark Brent crude was up 65 cents at $84.56 a barrel by 0850 GMT, having fallen as low as $82.66 on Monday.

Oil minister Dharmendra Pradhan on Monday said two state refiners have placed orders for importing crude oil from Iran in November, the month when U.S. sanctions on Iranian oil purchases take effect.

India is Iran's second-largest single oil customer after China and was expected to cut back on Iranian oil purchases following United States sanctions.

Oil prices have extended a rally on expectations the sanctions will test the Organization of the Petroleum Exporting Countries and other producers.

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That's down from at least 2.5 million bpd in April, before President Donald Trump in May withdrew the USA from a 2015 nuclear deal with Iran and reimposed sanctions.

Trump administration officials told the Free Beacon in June they are "not granting waivers" to some countries importing Iranian oil, but walked that statement back late Monday when a USA official disclosed it is now actively working to grant "individual countries" waivers from the new oil sanctions.

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. Worldwide crude oil prices had reached a record high of $147 per barrel in July 2009.

Brent crude futures rose $1.09 to settle at $85.00 a barrel, a 1.30 percent gain. Also, subsidised domestic cooking gas prices have been increased by Rs 2.89 per 14.2 kg cylinder to Rs 502.40, an all-time high. Many BJP-ruled states have also cut the value-added tax (VAT) on fuel by an equivalent amount.

Some Indian refiners recently made payments for Iranian oil in rupees, and could use the same mechanism in future to settle trade with Tehran if no other alternatives were found, state-run Indian Oil Company (IOC) Chairman Sanjiv Singh said.

"The basic point is that they are all government companies", Mr. Pradhan said.

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