Oil Prices Fall Over 1% To Hit Multi-month Lows

Eileen GuzmanNov 10, 2018

Ministry of External Affairs (MEA) Spokesperson Raveesh Kumar on Friday reacted on the United States granting India and other nations waiver from Iran oil sanctions.

And India, which is Iran's second largest customer, is expected to continue importing around 300,000 barrels per day, representing up to two-thirds of what it buys on an average daily basis.

That will allow the eight, which account for about 75 percent of all Iran's oil exports, according to trade data, to import at least some oil for another 180 days.

Bernstein Energy expects "Iranian exports will average 1.4-million to 1.5-million barrels a day during the exemption period", down from a peak of nearly 3-million barrels a day in mid-2018. It means any country or operation that would help Iran against U.S. national interests would face USA sanctions.

"Certainly, the waivers on US sanctions for Iranian crude have really accelerated the decline from last month and sensitivity to those issues have been high in recent times", said Daniel Hynes, a Sydney-based senior strategist at Australia & New Zealand Banking Group Ltd.

Trump also appeared to hint that his administration may not tighten sanctions on Iran's oil exports if crude prices start rallying again, saying the measures will "maybe" get tougher.

Crude futures are poised for their fifth straight week of losses as growing output from key producers and a deteriorating outlook for oil demand deepen a sell-off spurred by October's broader market sell-off.

Oil notched its longest losing streak in four years as expanding USA stockpiles overshadowed supply concerns from the Persian Gulf to Latin America.

That is likely to play out in the form of weaker demand for oil.

The U.S. State Department's special representative Brian Hook described that Iranian tankers a floating liability as global shipping insurers have stopped doing business with Iran in fear of U.S. sanctions under the Trump Presidency.

Oil prices slipped on Wednesday, continuing a recent slide after surging USA crude output hit another record and domestic inventories rose more than expected.

Officials from both banks said, however, that won-denominated payments for Iranian oil were still being reviewed, and that no schedule a for resumption was set yet.

The MEA spokesperson said India also appreciated the U.S. for exempting it from sanctions for the development of the strategically-located Chabahar port in Iran. 217 tankers worldwide transported Iranian crude oil exports between January and June 2018, 81 of which were Greek-owned - by comparison, only 51 of the tankers were owned by Iranian entities.

Italy and Greece have completely suspended purchases in recent weeks. President Donald Trump said the waivers were meant to soften the blow to global crude markets.

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