USA may grant waivers on Iran crude sanctions

USA may grant waivers on Iran crude sanctions

USA may grant waivers on Iran crude sanctions

CME Group Chairman and CEO Terry Duffy tells FOX Business' Neil Cavuto that US businesses are adapting to current oil prices.

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

India imported around 10 million barrels of Iranian oil in October, with the November shipment expected to be around 1 million barrels less than this.

The US withdrew from a deal on Iran's nuclear program in May and will individually impose sanctions on Iran's crude oil consumers on November 4.

Brent crude, the worldwide benchmark, was down $1.38 to $82.78 per barrel at 1041 GMT.

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

"The U.S. government's tough stance raised the stakes for a more significant Iran export loss than previously foreseen", said Norbert Ruecker, head of macro and commodity research at Swiss bank Julius Baer.




"Obviously, all countries in the Persian Gulf region want to sell their oil, and the world is in need of this region's oil and other energy resources", the top Iranian diplomat said. "Having said that, it may well be that we are already in the most supportive phase coming from this change and the effect will soon begin to ease".

Petroleum Minister Dharmendra Pradhan said two state-owned oil refiners, Indian Oil Corporation and Mangalore Refinery and Petrochemicals, had signed contracts to import 1.25 million tonnes of Iranian oil next month, Mint newspaper reported. And Saudi Arabia and OPEC and non-OPEC countries, they've produced 1.5 million barrels a day.

DUBAI - Iran's Oil Minister Bijan Zanganeh has dismissed claims by the Saudi crown prince that Saudi Arabia can replace sanctions-hit Iranian oil in the market as "nonsense".

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. -Chinese trade war could slow down economic growth also weighed on crude on Monday.

"What Saudi Arabia had been supplying the market with, were not from [its] spare capacity but from tapping its oil stocks", he pointed out.

But Innes warned that limited spare production to deal with further supply disruptions meant "the capacity is quickly declining due it Asia's insatiable demand".

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