USA may grant waivers on Iran crude sanctions

International Court of Justice

International Court of Justice

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".

Recommended News

  • 5 officers shot in South Carolina's Florence County, reports say

    5 officers shot in South Carolina's Florence County, reports say

    Florence Police Officer Terrence Carraway died from his injuries. ► Make it easy to keep up to date with more stories like this. Jay Jordan, R-Florence, asked that the House take a moment of silence for the injured police officers. "Please lift them up".
    Dancing May upbeat about Brexit deal

    Dancing May upbeat about Brexit deal

    In a message to voters tired of belt-tightening, the PM said: "Because you made sacrifices, there are better days ahead". Many commentators have described Mr Joihnson's wide-ranging speech as a blatant pitch for the Conservative leadership.
    Melania Trump arrives in Ghana on African trip

    Melania Trump arrives in Ghana on African trip

    The first lady chose Africa as her destination as it had always been on her wish list of places to go, according the White House. Before this week, the phrase "Trump trip to Africa" might have meant a big-game hunting excursion with Donald Jr. and Eric.
  • Pompeo: North Korea Ready to Allow International Inspectors at Nuclear Sites

    Pompeo: North Korea Ready to Allow International Inspectors at Nuclear Sites

    Wang said Pompeo proposed his visit to China , and the Chinese side was willing to arrange meetings. Wang and Pompeo discussed a range of issues, such as North Korea and the trade war.
    Emery: Arsenal Have Restored Bond Between Club & Fans

    Emery: Arsenal Have Restored Bond Between Club & Fans

    We need them to support us. "We are happy but also calm because we know each match is hard ". They are just two points above the bottom three, too.
    Key red state Democratic senator to vote no on Kavanaugh

    Key red state Democratic senator to vote no on Kavanaugh

    Underscoring the hardening partisan lines, one of the two undecided Democratic senators said she would oppose Mr Kavanaugh. AP reporters Mary Clare Jalonick, Matthew Daly, Padmananda Rama, Kenneth Thomas and Catherine Lucey contributed .
  • Robertson: Title race not just between Liverpool and City

    Robertson: Title race not just between Liverpool and City

    If it is an open game at Anfield, you don't even have one percent of a chance because they are so good, they play for that. To his credit, he didn't exactly sulk, but he had a look on his face which told you everything you needed to know.
    City's Mahrez misses late penalty in stalemate at Liverpool

    City's Mahrez misses late penalty in stalemate at Liverpool

    Egyptian worldwide Mohamed Salah scored 44 goals last season in all competitions and bagged the Premier League golden boot. It's now about finding a way to make sure Rangers enforce their game on the opposition when they leave Ibrox.
    Greenlight comment adds to Tesla losses from Musk mocking SEC

    Greenlight comment adds to Tesla losses from Musk mocking SEC

    Even without the latest controversy, Tesla "has been driving along the edge", said Tim Higgins at The Wall Street Journal . Following the SEC's regulatory action against Musk , Tesla's board said it remains fully confident in his leadership.
  • Liverpool Vs. Manchester City Live Stream

    Liverpool Vs. Manchester City Live Stream

    Virgil van Dijk admitted it was the correct call to award Manchester City a penalty in Sunday's Premier League clash at Anfield. The extent to which that was City's doing and to which it was down to Liverpool being a little off-colour is hard to say.
    Trump hails 'wonderful new trade deal' with Mexico and Canada

    Trump hails 'wonderful new trade deal' with Mexico and Canada

    Trump announced Monday that the United States and Canada had reached an agreement on trade. Nafta governs more than $1tr (£767bn) in trade between the two and Mexico.
    Article image Lockheed-Martin reveals plans for reusable lunar lander

    Article image Lockheed-Martin reveals plans for reusable lunar lander

    It is created to carry out missions that would see it land on the surface of the Moon for up to 14 days before returning to the Gateway ready to be used again.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.