The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a USA government official said on Friday.
India, second only to China in its purchases of Iranian oil, said last week that it would buy nine million barrels from Iran in a different currency from the USA dollar.
US Secretary of State Mike Pompeo last month said that on November 4th the sanctions against Iran will be enforced and that the US will consider waivers for countries that bring their Iranian oil purchases down to zero.
Global benchmark Brent crude oil futures LCOc1 were at $83.26 per barrel at 0352 GMT, down 90 cents, or 1.1 percent, from their last close. It hit a four-year high of $86.74 last week.
Ralph Leszczynski, Banchero Costa's head of research in Singapore, tells TradeWinds: " The US sanctions on Iranian oil imports are strictly unilateral, as they have been actively resisted by other buyers of Iranian oil.
Addressing foreign governments seeking to circumvent renewed United States sanctions, he added: "As I've said to them, it's like a book that was written several decades ago in this country- it was called something like the 'Six Stages of Grief.' You know, first you have denial, then you have anger".
India, however, wants to keep importing oil from Iran, because Tehran offers discounts and incentives for them at a time when the Indian government is struggling with higher oil prices and a weakening local currency.
"Any country that makes such claims. just wants to display its support for the USA sanctions against Iran", Zanganeh was quoted as saying. -Chinese trade war could slow down economic growth also weighed on crude on Monday. "Iran's oil can not be replaced by Saudi Arabia nor any other country", Zanganeh was quoted as saying on his ministry's website. The bulk of spare capacity is held by Saudi Arabia.
Crude futures rose to a four-year high this past week as the market prepares for the return of USA sanctions on Iran, the world's seventh largest producer of oil and a significant military power in the Strait of Hormuz, through which a third of the world's oil supply passes each day.
These concerns remain. Innes warned that limited spare production to deal with further supply disruptions meant "the capacity is quickly declining due to Asia's insatiable demand".
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