Iran says Saudi Arabia's claim to replace its oil 'unbelievable'

09 Octubre, 2018, 01:04 | Author: Arnold Perez
  • Iran says Saudi Arabia's claim to replace its oil 'unbelievable'

Iran may indeed have not cut production yet to match the rate of decline in its exports, as the country appears to be storing more oil on ships as it did during sanctions that applied until the 2015 nuclear deal.

Delhi is hopeful that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries will heed United States calls for production to be boosted by one million barrels per day, as promised in June, which might help bring benchmark prices down.

Speaking at an event here, Pradhan said two of India's state-owned companies had contracted for Iranian crude for November.

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

On Monday, Iran's Oil Minister Bijan Zanganeh said a claim by Saudi Crown Prince Mohammed bin Salman that the Kingdom could replace Iran's crude exports was "nonsense".

India will buy a total of 9 million barrels of oil from Iran in November, foreign media reported yesterday, citing an industry source, despite U.S. sanctions on Tehran to return early next month.

"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.

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The report of a small crude decline eased fears that had pressured oil prices after US government data on Wednesday showed a large build in the USA commercial crude stockpile.

Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, taking a major hit from USA sanctions and throwing a challenge to other OPEC oil producers as they seek to cover the shortfall.

India would continue its energy imports from Iran even in the wake of the U.S. government's 4 November deadline, hinted petroleum minister Dharmendra Pradhan on Monday.

USA president Donald Trump is reported to be "actively considering waivers" on sanctions on Iranian oil imports for some countries ahead of the November deadline.

Traders sent global benchmark Brent crude tumbling below $83 per barrel early in the session after China's central bank on Sunday slashed lenders' reserve requirements, a signal Beijing is working to maintain economic growth. Oil dropped to around $83 a barrel on Monday.

"Everytime China cuts interest rates, they increase oil consumption", said Phil Flynn, an analyst at Price Futures Group in Chicago.

"In effect, the government has asked the OMCs to sell petrol and diesel at subsidized prices, for which they will not be reimbursed", the report said.

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