Publicado: Mar, Octubre 09, 2018
Financiera | Por Marilu Caballero

India Will Buy Oil From Iran In November, Says Petroleum Minister

India Will Buy Oil From Iran In November, Says Petroleum Minister

CME Group Chairman and CEO Terry Duffy tells FOX Business' Neil Cavuto that US businesses are adapting to current oil prices.

Washington said on Friday it was considering waivers for nations that were reducing imports of Iranian oil.

The comments followed news that India, Iran's No. 2 oil customer after China, will buy 9 million barrels of Iranian oil in November.

The official, speaking on the condition of anonymity, said the administration was "in the midst of an internal process" of considering exemptions for major cuts.

Secretary of State Mike Pompeo said on a visit to India in September that some waivers from the sanctions might be granted to countries buying Iranian oil, but only if they agreed to cut their imports to zero.

Global benchmark Brent crude slid below $83 per barrel early in the session, partly on concerns the U.S. It hit a four-year high of $86.74 last week.

Oil prices fell on Monday but pared losses along with the USA stock market as investors bet that China's economic stimulus steps on Sunday would be sufficient to boost the world's No. 2 economy and bolster its crude demand.

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A United States government official said on Friday that the administration was considering waivers on Iran's oil sanctions.

"Obviously, all countries in the Persian Gulf region want to sell their oil, and the world is in need of this region's oil and other energy resources", the top Iranian diplomat said. Unlike many other news organizations, we have not put up a paywall. "In reality, neither Saudi Arabia nor any other producer has such a capability", he added.

The Islamic Republic exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed.

"Chatter that Saudi Arabia has replaced all of Iran's lost oil" is weighing on prices, said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

Oil traders initially reacted to a selloff in Chinese stocks, but as the USA stock market opened higher, "we've pulled back dramatically", said Mark Anderle, an energy trader at TAC Energy. -Chinese trade war could slow down economic growth and hit oil demand also weighed on the market, traders in Asia said.

President Trump made a decision to leave the deal and reimpose sanctions.

Zanganeh accused Tehran's regional rival Saudi Arabia of bowing to USA pressure, saying such remarks had no "real impact on the market" but were part of a psychological war launched against Iran.

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