Despite US sanctions, India to continue buying Iranian oil

Official says S Arabia unable to replace Iran’s oil

Crude rises as alarm bells sound over supply crunch

In November, the U.S.is set to introduce the second phase, sanctioning Iranian oil and gas as Trump follows through on his promise to put maximum pressure on the country after the USA withdrawal from the 2015 nuclear deal in May.

On Wednesday, Brent crude moved up 1.8 per cent to settle at $86.29 a barrel after hitting $86.74 a barrel, the highest level since October 30, 2014.

A USA government official said the Trump administration is "in the midst of an internal process" of considering waivers for countries that are reducing imports of Iranian crude. Supply concerns from Iran, increased USA stockpiles and reports about Russian Federation and Saudi Arabia raising production kept the crude counter busy.

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

S Arabia threatens to block key United Nations climate report AFP, Incheon Oil giant Saudi Arabia is seeking to block adoption of a key United Nations climate change report unless a passage highlighting the inadequacy of national carbon-cutting pledges is removed or altered, multiple sources told AFP.

Last month, Indian buyers lifted purchases of Iranian crude to 502,000 bpd, up 111,000 bpd over August, in "a last gasp" of purchases 'before sanctions actually hit, ' a US-based trader said, adding that those additional barrels displaced United States crude. Saudi Arabia is now pumping about 10.7 million barrels per day (bpd) and can add a further 1.3 million "if the market needs that", he said.

The administration withdrew from a deal over Tehran's nuclear program in May and is unilaterally reimposing sanctions on Iran's crude oil consumers on November 4. "It now appears that only China and Turkey may be willing to risk US retaliation by transacting with Iran".

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

Increased import from Iran brought down shipments from the US.

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. The deal was struck as oil prices began to climb towards $80 per barrel.

"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.

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