Saudi to supply extra oil to India to make-up for US sanctions

10 Octobre, 2018, 14:54 | Auteur: Auguste Feret
  • OIL DERRICKS

An oil pump is seen at sunset outside Vaudoy-en-Brie, near Paris, France April 23, 2018.

Crude oil futures slipped by 1.44 percent to Rs 5,466 per barrel Monday, as traders cut exposure at the existing levels amid a weak trend in the Asian trade.

The US benchmark West Texas Intermediate fell 54 cents, or 0.73 percent, to Dollars 73.80, while Brent, the global benchmark, was down 80 cents, or 0.95 percent, to USD 83.36 a barrel.

India is going to continue buying Iranian oil in November despite the USA sanctions, Reuters reported citing sources close to the Indian oil industry.

The Islamic Republic exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed. An industry source who also tracks exports said October shipments so far were below 1 million bpd.

The U.S.is imposing the sanctions because Iran has reneged on a 2015 nuclear deal-a point on which other major powers disagree-and because it wants Iranian forces to pull out of Syria and Iraq. The figure also marks a further fall from 1.6 million bpd in September.

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As reported, Indian Oil Corp will lift six million barrels of Iranian oil while Mangalore Refinery and Petrochemicals Ltd ships in three million barrels.

The administration is "prepared to work with countries that are reducing their imports on a case-by-case basis", the official said.

"There is growing concern that suppliers such as Saudi Arabia and Russian Federation will struggle to compensate for potential production declines from Iran and Venezuela, which has supported oil prices in today's trading session", said Abhishek Kumar, senior energy analyst at Interfax Energy in London.

Analysts said a weak trend in global market after the United States said it may grant waivers to sanctions against Iran's oil exports next month and as Saudi Arabia was said to be replacing any potential shortfall from Iran, weighed on crude futures here. China is reportedly reducing its oil imports from Iran, though it's not likely to fully comply with the USA demands.

Pradhan reportedly said Monday that India does not know if it would get a waiver from the U.S. The American Petroleum Institute is due to release data on Wednesday, while the U.S. Energy Information Administration is due to publish on Thursday.

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