Two PSUs place orders for Iranian crude

India buying Iran oil in defiance of Trump sanctions

Brent crude, the global benchmark, was down 1.32% to $83.05 a barrel on London's Intercontinental Exchange early on Monday.

India, Iran's top client after China, has close diplomatic ties with Iran, where it is building a strategic port called Chabahar that is expected to be operational by 2019.

Pradhan reportedly said Monday that India does not know if it would get a waiver from the U.S.

The catalyst for crude prices for getting tighten was the worries about tighter supply conditions once Washington's sanctions against Iran's crude oil exports kick in beginning in November. Worldwide crude oil prices had reached a record high of $147 per barrel in July 2009.

Oil has been supported by concern that the Iranian export loss will leave a thinner margin of unused production capacity to deal with supply shocks. China and India are the first and second biggest customers of Iranian oil, while Turkey is the biggest buyer of Iran's oil in Europe.

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 program.

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Industry and government data on U.S. crude inventories will be delayed by one day this week because of Monday's U.S. Columbus Day holiday. "Iran's oil can not be replaced by Saudi Arabia", the minister added.

The EIA reported crude supplies rose by 8 million barrels for the week ended September 28 - the largest weekly climb year to date.

The Indian orders have reportedly been placed by Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL).

Delhi is hopeful that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries will heed USA calls for production to be boosted by one million barrels per day, as promised in June, which might help bring benchmark prices down. For 2018/19, the real economic growth was expected to moderate, but still, the International Monetary Fund expected Iran's economy to grow by 4 percent in 2018/19, forecasting stable oil production in line with the OPEC cap on Iran's production.

Meanwhile, producers in the U.S. Gulf of Mexico on Tuesday cut oil production by about 40 percent as Hurricane Michael approached the Florida coast, the Bureau of Safety and Environmental Enforcement (BSEE) said, citing reports from 27 companies.

If current forecasts prove accurate, the hurricane would largely miss major producing assets in the Gulf, analysts said, but any change of track could widen the impact. 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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