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India appreciates US waiver regarding Iran sanctions

09 November, 2018, 22:58 | Author: Melinda Barton
  • Workers at an onshore Iranian oil facility

Futures fell 1.6 percent Thursday in NY, extending a decline from its October high to 21 percent.

The market focused on record US crude production and signals from Iraq, Abu Dhabi and Indonesia that output will grow more quickly than expected in 2019.

However, both Brent and WTI have declined by around 20 per cent from four-year highs in early October.

He said the department had evidence that Iranian vessels are trying to evade us sanctions by disabling location transponders used to prevent collisions - with the goal of making Iran's oil exports harder to track. "OPEC has put on more crude than we thought and second of all, these waivers are becoming an impediment to price support".

Prices were down significantly on Tuesday as the Iranian sanction waivers granted by the United States to eight countries-including oil-hungry India and China-took the sting out of what could have been market panic given the re-imposition of sanctions on Monday.

Brent futures for January settlement lost 16 cents to US$70.49 a barrel on the London-based ICE Futures Europe exchange.

Meanwhile, US crude inventories rose by 5.8 million barrels in the week ending Nov 2, to 431.79 million barrels, the EIA said.

On Wednesday, Washington warned global shipping and insurance industries not to allow Iranian oil tankers into their territorial waters or ports, saying such access may run afoul the reimposed sanctions, in addition to increasing the possibility of catastrophic economic and environmental damage if any accidents occur.

The United States, Russia and Saudi Arabia are all now pumping at or near record highs, producing more than 33 million barrels per day (bpd), a third of the world's oil. On Wednesday, oil slipped after USA crude output hit another record and domestic inventories rose more than expected. "We do want to achieve maximum pressure without harming friends or allies and we don't want to lift the price of oil".

OPEC members meet next Sunday to discuss the future of their reduced production caps - now around a million barrels a day.

"I am not at the liberty to give you details about the quantum of crude oil that we will continue to import", Kumar added.

While Iranian oil exports are expected to fall because of the United States sanctions that came into effect on Monday, reports from Opec and other forecasters indicate that the global market could have a supply surplus in 2019 as demand slows.

On Thursday, Hossein Kazempour Ardebili, Iran's representative to OPEC, claimed Russian Federation and Saudi Arabia were helping the Trump administration by increasing their own production to keep oil prices low.



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