Trump Administration Examines Path to Waive Iranian Oil Sanctions

Trump Administration Examines Path to Waive Iranian Oil Sanctions

India had thus far not publicly articulated its stand on the issue, but with the advance orders placed for November, has made it clear that India will not "zero out" its oil intake from Iran.

US crude was down $1.14 at $73.20. "We will be guided by our national interest", he said.

The first piece of bearish news weighing on prices today is the report that a US government official said on Friday that the country could consider exemptions for nations that have already shown efforts to reduce their imports of Iranian oil.

"Iran has been off-and-on taking rupee payments for oil it sells".

This comes amid reports that the Trump administration will not completely cut off Iranian oil exports on November 4 - there will be a transition period.

Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, taking a major hit from United States sanctions and throwing a challenge to other OPEC oil producers as they seek to cover the shortfall.

President Donald Trump has said the Iran oil sanctions are meant to isolate the regime in that country and force them to negotiate a new nuclear deal.

"What the Saudis had been supplying the market with, were not from Riyadh's spare capacity but from tapping its oil stocks", Zanganeh said, according to the website.

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New Delhi and Tehran have reportedly discussed reverting to rupee trade after November 4.

"This time round, because there is so much less of a consensus on the sanctions from other countries, there will be even more of a push to obtain exceptions or find ways to walk around the sanctions". Last week, the Saudis hastened to inform the market that they are now pumping 10.7 million bpd-just shy of the all-time record high-and could even tweak that 10.7 million "slightly higher" next month. "State's been pushing very hard on this, they deserve a lot of credit for their efforts, so let's see what they come up with before criticizing".

The US expects all countries, including India, to reduce their Iranian oil imports to zero.

"These officials are planning to announce that it's OK to give banks waivers because re-imposed sanctions on businesses are sufficient", the source explained.

Besides, New Delhi sought to get around the restrictions by supplying goods including wheat, soybean meal and consumer products to Iran in exchange for oil.

India is the world's third-largest oil importer, and Iran's second-biggest oil customer after China.

Iran was exporting between 2.5 and 2.7 million bpd in April before the USA announced the return of sanctions.

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