India will break USA sanctions and keep importing Iranian oil

India buying Iran oil in defiance of Trump sanctions

The US has been imposing new sanctions on Iran's oil industry after it withdrew from the Iran-US nuclear deal.

At 0510 GMT, November WTI crude oil is trading $73.80, down $0.54 or -0.73% and December Brent crude oil is at $83.36, down $0.80 or -0.95%.

"The U.S. appears to be abandoning its tough stance on buyers of Iranian oil", analysts at Commerzbank said.

Sanctions against Iran will block payment routes for India through the USA dollar.

According to an executive order (EO 13846) issued by President Donald Trump, all American and non-American entities were given a six-month "wind-down" period from May 2018, in which to "zero out" all transactions with designated Iranian oil companies and port operators.

The world's third-biggest oil consumer, India, will continue importing crude from Iran despite United States threats to punish companies working in the Islamic Republic past the November sanctions deadline, Reuters reports.

Another factor easing those fears was a Friday Reuters report that cited an unnamed USA government official as saying the Trump administration is considering waivers on its sanctions for countries that agree to reduce their imports of Iranian oil.

Companies had turned off daily production of about 670,800 barrels of oil and 726 million cubic feet of natural gas by midday on Tuesday, according to offshore regulator the Bureau of Safety and Environmental Enforcement.

Citing the Kremlin, Reuters reported that Iranian Foreign Minister Mohammad Javad Zarif and his Russian counterpart Sergei Lavrov discussed ways to enhance Tehran-Moscow energy cooperation over the telephone on Monday.

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In May, before US President Donald Trump announced reinstating sanctions against Tehran, the International Monetary Fund had projected Iran's economy would grow by 4.0 percent in 2018 and again next year.

With Iran sanctions still on the table, potential spare capacity constraints and also a slowdown in USA drilling, US bank J.P.Morgan said in its latest cross-asset outlook for clients that it recommended to "stay long Jan '19 WTI on supply risks to crude".

"If waivers were granted to others, to big oil consuming countries, you could see it (the price) go down, there's a lot of uncertainty right now", Dudley said.

UCO Bank had in the previous round of sanctions handled rupee payments.

Indian refiners imported around 10 million barrels of Iranian oil in October, and its November shipments are expected to be lower.

In the previous round of USA sanctions on Iran from 2012 to 2015, India continued to purchase Iran's oil although it was forced to dramatically reduce its purchases to protect its wider exposure to the US financial system.

The Trump administration's push for the Middle East-dominated cartel to start pumping more oil comes as the White House prepares to impose sanctions against Iran in around four weeks' time.

Has the simmering crude oil market peaked, even if for the time being?

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