Oil prices continue to fall amid United States sanctions on Iranian crude

OIL DERRICKS

Two Indian companies have placed orders to buy Iranian oil in November, oil minister Dharmendra Pradhan said on Monday, adding that India does not yet know if it will be granted a waiver from USA sanctions on Iran.

Union Minister of Petroleum and Natural Gas & Ministry of Skill Development and Entrepreneurship, Shri Dharmendra Pradhan today inaugurated a Conference organised by The Energy Forum to discuss & debate on the developments in the global energy industry and overcoming the challenges to address India's energy security, import reduction, sustainability & reduction of Carbon dioxide footprints. "We do not know if we will get waiver (from U.S. sanctions) or not".

In May, before U.S. President Donald Trump announced that he was reinstating sanctions against Tehran, the International Monetary Fund had projected Iran's economy would grow by 4 percent in 2018 and 2019.

"We expect the global leaders will understand our requirements", he said on the sidelines of the "The Energy Forum" here.

"We will be guided by our national interest", he said. Indian Oil Corp will buy a portion of the oil, according to a company official.

"We have ordered for our usual quantity of oil", he said.

Singh said options for paying for Iranian oil are under discussions.

These claims aim to satisfy the U.S. and express support for Washington's sanctions against Iran, he added. Paying in rupee is an option.

"There will be some Iranian exports but the amount will depend on the price". "He was asked also about CAATSA sanctions and possible imposition of CAATSA sanctions".

She added: "Although this incident could potentially fuel a political crisis between the two nations, let us not lose sight of the human aspect of what happened".

Kevin McNamara: Its time for Red Sox to show their mettle
He also led all major league catchers this season in passed balls with 18. "If he's doing that, he's going to be a unsafe hitter". Judge's homer was hit 2 feet farther than the one Giancarlo Stanton had in Wednesday's wild-card game at Yankee Stadium.

While Washington has said it wants to cut Iran's oil exports to zero, Iran and Saudi Arabia say that is unlikely.

"Higher oil prices seem inevitable and, in our view, $100 per barrel is easily within reach", economists from Bank of America Merill Lynch wrote in a recent research note, citing a looming dropoff in Iranian production.

Still, oil traders generally agreed that the Iran sanctions are hitting harder than expected, with Jeremy Weir, chief executive officer of Trafigura Group Pte. forecasting 2 million barrels per day (bpd) lost to the market and Vitol and Gunvor Group pegging the volume closer to 1 million bpd.

"Such overstatements could only please Mr. (Donald) Trump".

US sanctions not only drive customers away, but also impede oil shipments, by inhibiting non-Iranian tankers and their insurance companies from doing business with Iran.

UCO Bank and IDBI Bank have been identified to route the payment as the two have no exposure to the U.S. financial system.

The ongoing trade war with China could also marginally impact US economic growth, but not to the same extent as a period of prolonged higher oil and gasoline prices which can wreak havoc on both industry and consumers alike. It began clearing the dues in 2015 when the restrictions were eased.

Turkish officials say they fear Khashoggi was killed at the consulate last week.

"What Saudi Arabia had been supplying the market with, were not from [its] spare capacity but from tapping its oil stocks", he pointed out. In 2013-14 and 2014-15, India bought 11 MT and 10.95 MT respectively from it.

WTI for November delivery traded at $73.79 a barrel on the New York Mercantile Exchange, down 0.7 percent. Under this, bans have been imposed on Iran, South Korea and Russian Federation.

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