No concerns over fresh U.S. sanctions: Iran

No concerns over fresh U.S. sanctions: Iran

All of Iran's oil exports and financial transactions will be targeted under USA sanctions that take force Monday, six months after President Donald Trump bolted from a nuclear deal.

A list of all countries getting waivers is expected to be released officially on Monday, several industry sources said.

The Organization of the Petroleum Exporting Countries (OPEC) boosted oil production in October to 33.31 million barrels per day (bpd), a Reuters survey found this week, up 390,000 bpd from September and the highest by OPEC since December 2016.

"We have sought to bypass an unwilling regime in Islamabad by establishing in June 2017 an air freight corridor between India and Afghanistan, [and] develop the Chabahar Port as a gateway for onward connectivity to and from Afghanistan and Central Asia", Mr Gokhale said.

In the United States, crude production has established itself well over 11 million bpd, and the U.S.is now running neck and neck with Russian Federation for the title of top producer.

"Year-on-year growth in United States crude oil production has averaged nearly 1.5 million barrels per day in the first eight months of the year. with output from many key producing regions reaching new all-time highs", said Barclays bank.

Indian oil companies have been allowed to continue importing about 2.5 million tons of Iranian crude per month until March, sources familiar with the matter told the Economic Times. Iran could mix its oil with crude from neighboring Iraq, sell on the black market or try a barter system supported by the European Union.

The administration must maintain a delicate balancing act with the waivers: ensuring the oil market has sufficient supply and avoiding a politically damaging spike in fuel prices, while also ensuring that Iran's government doesn't collect enough revenue that the USA sanctions become irrelevant.

Just a few days before USA sanctions on Iranian oil exports return on November 5, the keywords about how much of Iran's oil will come off the market are "lack of clarity".

The higher prices reversed drops earlier in the session, but Brent has still fallen by around 12 per cent since the beginning of October, while WTI has lost 13 per cent in value.

A Chinese official told Reuters that discussions with the USA government were ongoing and that a result was expected over the next couple of days.

South Korea's Foreign Ministry declined to comment, and Japanese officials were not immediately available for comment.

Analysts said, however, that waivers would likely be only temporary.

"The US may use waivers to slow walk implementation, but these will not apply indefinitely", he added.

Iran is India's third-largest oil supplier after Iraq and Saudi Arabia.

Russian Federation has been planning to import oil from Tehran but no major projects have materialized.

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