Economy

USA could issue waivers for Iran crude; oil prices dip Monday

USA could issue waivers for Iran crude; oil prices dip Monday”

The Trump administration is open to allowing some countries to continue importing Iranian oil, despite promises to tighten the screws on Tehran and any country that continues doing business with the Islamic Republic, according to USA officials who confirmed to the Washington Free Beacon that some nations may get a temporary pass from a cadre of new sanctions set to be imposed next month.

Hedge funds cut their bullish wagers on US crude in the latest week to the lowest level in almost a year, data showed on Friday. "We will be guided by our national interest", he said.

U.S. Secretary of State Mike Pompeo said in India last month that the White House would only consider waivers for Iran's oil buyers if they vowed to eventually bring their imports to zero.

Iran accounts for 10% of India's crude oil imports, making it the second largest importer of Iranian oil behind China. Refiners in the country have placed orders to buy 9 million barrels from Iran in November.

"Two of our oil companies have made nominations to purchase Iranian oil in November", he said speaking at The Energy Forum.

"A source said: "It is still early to say how India will settle its trade with Iran", and said it may consider paying for the oil with the rupee currency".

With the European Union considering the creation of a "special objective vehicle" before November to facilitate trade with Iran, India hopes to find a way to settle payments to Tehran. "On the other hand, Iran sanctions are only weeks away".

That is the longest streak of weekly cuts since October previous year. "This time Europe is not working with the USA, so we intend to evolve a mechanism".

In May, US President Donald Trump announced America's withdrawal from the Iran nuclear deal.

"Instead they're talking about 'sufficient pressure, ' which is their language for allowing banks to keep Iran connected to the global financial system, including through SWIFT or with oil waivers", the source said, referring to new efforts by officials in the Treasury Department and European allies to keep Iran connected to the premier worldwide banking system.

The softer stance on Iran plus news that Saudi Arabia and Russian Federation could ramp up oil production to compensate for the sanctions has lowered oil prices slightly.

"Likely, India and Iran will agree to use Rupee payments instead of United States dollar payments, something already tried between 2013 and 2015, with Iran then using Rupees to import food, medicines and other commodities from India", said Leszczynski.

Has the simmering crude oil market peaked, even if for the time being?



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