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Brent crude drops below $83 on expectations Iran will maintain some exports

10 October 2018, 08:52 | Hattie Nash

Brent crude drops below $83 on expectations Iran will maintain some exports

Brent crude drops below $83 on expectations Iran will maintain some exports

Indian refiners imported around 10 million barrels of Iranian oil in October, and its November shipments are expected to be lower.

USA crude was down $1.14 at $73.20. The Trump administration is considering waivers on sanctions, a us government official said on Friday.

As the U.S. is preparing to restore sanctions against Iran's oil exports within weeks, concerns are already rising among corporate leaders that oil prices could rise to unprecedented highs. The industry has been worrying that an entirely effective ban on Iranian oil exports would strain supplies.

The administration is still committed to pressuring the globe to cease Iranian oil imports, the official said.

Two companies in India, which in the past have been big buyers or Iranian oil, have ordered barrels in November, according to India's oil minister.

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For weeks, crude oil has been underpinned and driven higher by USA sanctions set to target Iran's crude oil exports during the first week in November, and the Trump administration has been leaning on governments and global companies to cut their imports to zero.

According to sources familiar with the matter, Reliance Industries, Hindustan Petroleum, Bharat Petroleum and Mangalore Refinery Petrochemicals have sought an additional 1 million barrels each in November.

Iran has questioned whether the market needs more oil and says its output is holding steady at about 3.8 million bpd.

"Two of our oil companies have made nominations to purchase Iranian oil in November", he said speaking at The Energy Forum.

USA sanctions against Iran will kick in from 4 November, which will block payment routes. The Trump administration is considering waivers on sanctions for countries that are reducing their imports. It had planned to import 9 MT of Iranian oil in 2018-19 financial year or 0.75 MT a month. "So let us see how it evolves".

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Sources said Iran is open to accepting rupee payment for oil and may use the money to pay for equipment and food items it buys from India.

"These officials are planning to announce that it's OK to give banks waivers because re-imposed sanctions on businesses are sufficient", the source explained.

BP's Chief Executive Bob Dudley was quoted by media as saying that Uncertainty surrounding Iran's oil industry ahead of forthcoming U.S. sanctions could prompt "extreme volatility" for oil prices.

Saudi Arabia had previously claimed it had successfully replaced Iranian crude oil supplies lost through United States sanctions.

Has the simmering crude oil market peaked, even if for the time being?

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