Relief for Iran oil consumers as U.S. indicates waivers on the way

Relief for Iran oil consumers as U.S. indicates waivers on the way

Relief for Iran oil consumers as U.S. indicates waivers on the way

And then there is the speculative positioning that hedge funds and other money managers have been taking in recent weeks, amassing bullish bets amid fears that the US sanctions on Iran could remove as much as 2 million bpd from the oil market in less than a month's time.

Indian Oil Corp will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals another 3 million barrels, the source said.

US President Donald Trump's administration is considering sanction waivers for countries that are reducing their imports of Iranian oil, a US government official said on Friday.

"India is continuing with its relationship with both its key energy partners Iran and the United States", a second source said.

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

Brent crude, the global benchmark, was down $1.38 to $82.78 per barrel at 1041 GMT. Of the 220.4 million metric tonnes (million MT) of crude oil imported by India in 2017-18, about 9.4% was from Iran. Pradhan admitted Monday he was not sure India would get a waiver.

Oil also dropped as investors focused on rising output from other producers, such as top exporter Saudi Arabia, to compensate for lower Iranian supplies which have fallen further in October according to export data. Elsewhere, the second largest importer of Iranian oil, India, is planning to purchase 300kbpd of Iranian oil in November.

The Islamic Republic exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed.

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Separately Saudi Crown Prince Muhammad Bin Salman has said that the kingdom has met the promise of filling up any shortfall the oil markets faced on Iran oil going out of it due to sanctions. Worldwide crude oil prices had reached a record high of $147 per barrel in July 2009. To this, taxes at the central and state levels are added, besides dealers' commission, to arrive at the retail price.

On Monday, petrol and diesel were selling at Rs 82.03 per litre and Rs 73.82 per litre, respectively, in New Delhi.

In the run-up to 2019 general elections, Fitch Ratings recently raised the spectre of return of state control on fuel pricing in India.

"Oil should not only be priced from a producers' point of view consumers interest should also be taken care of", he said.

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