Published: Mon, October 08, 2018
Markets | By Noel Gibbs

India buying Iran oil in defiance of Trump sanctions

India buying Iran oil in defiance of Trump sanctions

However, the country's refiners since June have cut purchases of Iranian crude ahead of United States sanctions. Speculators and hedge funds too were active in the market, making most of the volatility.

Crude oil prices stayed steady Friday after a volatile week that saw the highest prices in four years. Brent crude had risen from below $82 a barrel in the beginning of the week.

US West Texas Intermediate (WTI) crude futures were up 55 cents, or 0.7 percent, at $74.88 a barrel.

India will buy a total of 9 million barrels of oil from Iran in November, foreign media reported yesterday, citing an industry source, despite U.S. sanctions on Tehran to return early next month.

Many analysts say they expect Iranian exports to drop by around 1 million barrels per day (bpd).

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Iran's exports will fall to 1.1 million b/d in October, Platts Analytics projects.

Global benchmark Brent crude futures for December delivery fell 42 cents to settle at $84.16 a barrel.

The move could also be part of an effort by Moscow to make global oil policy bilaterally with the Saudis, which began a few years ago and has largely decreased the effectiveness of OPEC, of which Iran is a member. Iran, on the other hand, accused the two countries of breaking the production cut agreement.

Saudi Arabia is juggling intense pressure from U.S. President Donald Trump to boost output and ease oil prices, with preserving the balance it's successfully brought to the market.

In September, Indian buyers increased purchases of Iranian crude to 502,000 billion per day, up 111,000 billion per day over August.

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India, which is the second largest importer of Iranian oil after China, has not shown any indication that it will stop importing oil from Iran.

Indian Oil Corp will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals Ltd 3 million barrels, the source told Reuters.

She also said that the ICJ's decision on Iran-U.S. dispute is binding for Washington and must be obeyed. India accounted for 12 per cent of United States crude exports in June. Throughout the week, hedge funds and speculators were active in the market, buying at dips and pushing prices up.

"A strong economy, low unemployment would suggest the US consumer is going to continue to fare well with higher energy prices", said Phil Flynn, an analyst at Price Futures Group in Chicago. If Saudi Arabia and Russian Federation make up for the losses from Iran after sanctions, prices would remain within a range.

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