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India's oil imports from Iran to decrease further

18 September, 2018, 01:09 | Author: Melinda Barton
  • India reducing oil from Iran ahead of US sanctions: report | TheHill

Oil cartel OPEC has allowed some members to turn the group into a tool for the United States, a senior Iranian official said in comments published on Saturday.

Brent crude fell 23 cents to trade at $77.95 a barrel at 11:17 a.m. EDT (1517 GMT).

Back in August, Kazempour Ardebili said the U.S. president has apparently been duped by Saudi Arabia into believing that the kingdom can replace Iranian barrels cut from the market.

Market participants will be taking further price action cues from the latest Baker Hughes rig count data - an early indicator of future USA crude production - that is due for release later Friday.

The energy information administration and the International Energy Agency, a global group of oil-consuming nations, had predicted that the USA would eventually pass Russian Federation and Saudi Arabia but possibly not until 2019.

Here are the production numbers of the OPEC countries in the past two months. According to the IEA, global oil supply grew by a record 100 million barrels per day (bpd) in August.

Further sanctions on oil and transactions with the central bank of Iran will come into effect on November 4.


Oil prices have risen faster than anticipated in the first half of the year, hitting a 3.5-year high above $80. However, crude oil is supported above $68.45 and can continue its bullish momentum until $68.80.

The US National Security Adviser John Bolton said last month that the United States is exerting "maximum pressure" on the government of Iran to change its behavior, adding that Washington is prepared to use sanctions to drive Iranian oil exports down to zero. Strong demand and supply outages underpinned the rally, but deep-seated problems and geopolitical tension in OPEC countries also played a role.

Elsewhere in his remarks, Kazempour Ardebili suggested that a deal reached between OPEC and non-OPEC producers in 2017 over production ceilings had already lost effect.

But if Washington adopts a tough line, India would have no other choice than to end imports from Iran, they said.

Despite the supply-side risks posed by Venezuela and Iran, however, spare capacity in Saudi Arabia and Iraq, coupled with potential output recovery in Libya and Nigeria, could help balance the market.

"The pause in shipments probably doesn't mean China will to bow to pressure from U.S. President Donald Trump - Beijing is said to have resisted such curbs - it might indicate that the Asian country's refineries want better terms for Iranian cargoes", the report added. "But we shouldn't ignore the possibility and the willingness to keep prices from going too high too quick, which would arguably cut into their long-term demand prospects", he said.

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