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Brent crude drops below $83 on expectations Iran will maintain some exports

India buying Iran oil in defiance of Trump sanctions ICJ orders US to ease Iran sanctions; India to continue purchasing crude oil from Iran
Ginger Lawrence | 10 October, 2018, 02:02

"Some of our companies have already nominated their quota for November", said the Minister for Petroleum and Natural Gas to PTI.

According to the report, France, Germany and the United Kingdom are frustrated with the Trump administration's hard line on the matter.

File image of Dharmendra Pradhan.

India, a major buyer, has ordered Iranian oil for November, although New Delhi does not yet know whether it will receive such a waiver.

"We expect the global leadership to acknowledge India's need for Iran's oil", Pradhan said, adding that he wanted major oil producers like Saudi Arabia to raise production.

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.

Indian Oil Corp (IOC) Chairman Sanjiv Singh said his company is among the two which have placed order for November.

A vessel carrying 2 million barrels of Iranian oil discharged the crude into a bonded storage tank at the port of Dalian in northeast China on Monday, according to Refinitiv Eikon data and a shipping agent with knowledge of the matter.

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Singh said options for paying for Iranian oil are under discussions. However, this time it is likely to skirt Washington's embargo on dollar payments by using rupees, while payments will probably be routed through Indian banks to avoid any U.S. financial intervention. But other world powers that signed the agreement - Russia, China, Britain, Germany, and France - have said they will help Iran circumvent the sanctions and keep selling its oil. "So let us see how it evolves".

Wells, who was in New Delhi earlier this month as part of the delegation accompanying US Secretary of State Mike Pompeo for the India-US "2+2" dialogue, said there was no "blanket waiver or country-specific waiver" from US sanctions on trading with or investing in Iran or buying arms from Russian Federation. Of the 220.4 million metric tonnes (million MT) of crude oil imported by India in 2017-18, about 9.4% was from Iran.

The price of U.S. crude oil jumped by almost 1.5% to $84.78/ early trade on a one-two of nearing Iran sanctions and production shutdowns in the Gulf of Mexico due to Hurricane Michael.

Nayara Energy, formerly Essar Oil, too is stopping import from the Persian Gulf nation.

Refiners have already announced purchases of oil from Iran for November at levels nearly similar to those in October, despite the start of the sanctions on the 4 November.

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 programme.

Sources said Iran is open to accepting rupee payment for oil and may use the money to pay for equipment and food items it buys from India.