BP says Iran oil bans to trigger extreme price volatility

The Kiira EV Smack was built by students of Makerere University. FILE

In May, Trump pulled the U.S. out of the Iran nuclear deal despite objection from the other signatories, the UK, Russia, Germany, China, and France, re-imposing sanctions lifted under the deal.

India's move marks the second time in recent weeks New Delhi has disregarded the Trump administration's threat of sanctions.

File image of Dharmendra Pradhan.

US sanctions targeting Iran's crude oil exports come into force from November 4, with Washington ratcheting up the pressure on governments and companies around the world to slash their Iranian oil imports to zero.

Later, talking to reporters, he said India has its own energy requirements which it has to fulfill.

According to sources familiar with the matter, Reliance Industries, Hindustan Petroleum, Bharat Petroleum and Mangalore Refinery Petrochemicals have sought an additional 1 million barrels each in November.

"We have ordered for our usual quantity of oil", he said.

"Refiners have placed November nominations to lift 1.25 million tons (about 9 million barrels) of oil from Iran", Reuters quoted a source as saying.

The IMF said the Iranian economy was now expected to contract over the next two years "on account of reduced oil production, before returning to modest positive growth in 2020-23".

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This new stance is triggering criticism from some Iran hawks and comes amid disparate statements about the administration's willingness to grant other concessions, such as preserving Iran's access to global financial markets, as the Free Beacon first reported on Monday. Paying in rupee is an option.

"This time round, because there is so much less of a consensus on the sanctions from other countries, there will be even more of a push to obtain exceptions or find ways to walk around the sanctions". This likely means we won't see any serious buying this week unless the price is right.

The Trump administration is open to allowing some countries to continue importing Iranian oil, despite promises to tighten the screws on Tehran and any country that continues doing business with the Islamic Republic, according to US officials who confirmed to the Washington Free Beacon that some nations may get a temporary pass from a cadre of new sanctions set to be imposed next month. Last week, the Saudis hastened to inform the market that they are now pumping 10.7 million bpd-just shy of the all-time record high-and could even tweak that 10.7 million "slightly higher" next month. The industry has been worrying that an entirely effective ban on Iranian oil exports would strain supplies.

India had planned to import about 25 MT of crude oil from Iran in 2018-19, up from 22.6 MT imported in 2017-18.

But Iran, OPEC's third-largest producer, has repeatedly said that its oil exports can not be reduced to zero because of high demand levels in the market and has blamed Trump for an oil price rally caused by imposing sanctions on Tehran.

Nayara Energy, formerly Essar Oil, too is stopping import from the Persian Gulf nation.

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.

Sources said Iran is open to accepting rupee payment for oil and may use the money to pay for equipment and food items it buys from India.

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