Oil prices gain as Iranian crude exports fall, Hurricane Michael nears

Oil prices gain as Iranian crude exports fall, Hurricane Michael nears

Oil prices gain as Iranian crude exports fall, Hurricane Michael nears

India will buy nine million barrels of Iranian oil in November, in a signal the world's third-biggest oil importer will continue purchasing crude from the Islamic republic despite USA sanctions coming into force on November 4.

India, the world's third-biggest oil importer, will buy 9 million barrels of Iranian oil in November, Reuters reported on Friday, citing two industry sources.

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

The United States plans to impose new sanctions targeting Iran's oil sector on November 4 to try to stop the country's involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile program.

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

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USA sanctions will target Iran's crude oil exports from November 4, and Washington has been putting pressure on governments and companies worldwide to cut their imports to zero.

Oil prices rose on Tuesday on growing evidence of falling crude exports from Iran, OPEC's third-largest producer, before the imposition of new USA sanctions and a partial shutdown in the Gulf of Mexico due to Hurricane Michael. "It appears that consumer countries are to be given more time, after all, to replace their oil shipments from Iran so long as they at least reduce them".

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

Although countries like Turkey, Russia, and China have indicated they will go ahead with their oil trade with Iran, the European Union will probably accede in a large measure, given the exposure of their companies to the US banking system. Prince Mohammad told Bloomberg on Friday the kingdom had met its promise to Washington to make up for Iranian oil supplies lost through U.S. sanctions. Since the start of September, prices had spiked by over 10 per cent reaching a four-year high despite the fact that at the Algiers meeting last month OPEC had declared that the market was comfortably supplied.

Three other very large crude carriers, operated by National Iranian Tanker Company (NITC), are set to arrive in Dalian in the next week or two, it said.

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Some energy market analysts expect around 500,000 barrels per day (bpd) to disappear once US sanctions against Iran come into force, while others have warned as much as 2 million bpd could come offline over the coming months.

Brent crude futures rose $1.09 to settle at $85.00 a barrel, a 1.30 percent gain.

The supply picture right now is currently looking worrisome, with Venezuela and Iran supporting to drive prices higher.

The Minister also categorically stated that the government's directive to oil companies to absorb a Rs. 1 per litre hit to the price of petrol and diesel was not a reversal of the deregulation of oil prices.

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