Sunday, 21 October, 2018

Two Indian companies to buy Iranian oil in November: Dharmendra Pradhan

Official says S Arabia unable to replace Iran’s oil Crude rises as alarm bells sound over supply crunch
Jodi Jackson | 08 October, 2018, 12:55

Front-month ICE Brent futures settled above $86/b Wednesday, the highest in four years, before dropping back below $85/b Thursday. This rupee it uses for paying for imports of medicines and other commodities. Prices may hit $100 this fall given the uncertainty over Iran, Russian Energy Minister Alexander Novak told radio station Business FM. "The decision proved once again that the Islamic Republic is right and the USA sanctions against people and citizens of our country are illegal and cruel". Similarly, Iran's crude exports to China increased by 29,000 billion per day to 620,000 billion per day last month.

Yet that hasn't stopped U.S. President Donald Trump from continuing to blame the Organization of Petroleum Exporting Countries for a sharp rise in prices this year, even as his administration vows to choke off all of Iran's oil exports.

India is set to buy Iranian oil.

Meanwhile, the US Energy Information Administration (EIA) reported a huge increase in weekly crude oil inventories.

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

Despande went on to say what innumerable analysts have already said: that the big question is if Saudi Arabia has the ability to make up for the shortfall, and while he pointed out they might be able to ramp up appropriately in nine months' time, supplying enough oil in the near term is more problematic. USA retail gasoline prices topped $3/gal in 13 states as of Friday, with the national average of $2.91/gal sitting just below the peak summer price in May.

Oil prices are up on the week overall despite a large build in crude oil prices. They would like the extra cash that high oil prices...

In mid-September, Russia's Urals was trading around multi-year highs relative to Dated Brent in both Northwest Europe and the Mediterranean. But its output has declined sharply in recent months under the threat of USA sanctions. This is why Iranian grades are also showing their continued competitiveness in China, a market that could prove more resistant to sanctions pressure.

Indian Oil Corp will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals Ltd 3 million barrels, it cited a source with the knowledge of the matter as saying. This compares with 15 million-17 million barrels about three weeks ago before some takers turned off their transponders.

However, some analysts doubt that 12 million barrels a day can be reached quickly, or maintained for an extended period.

On the one hand, Russia's oil sector stands to benefit economically by increasing its oil exports and thus increasing sales.

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