India decides to import crude oil from Iran

Official says S Arabia unable to replace Iran’s oil

"Brent front-month prices are up 6 percent over the last week as it becomes increasingly apparent that Iranian exports could fall below 1 million barrels per day in November", said U.S. bank Jefferies on Friday.

Meanwhile, the International Court of Justice ordered the USA on Wednesday to ease some sanctions against Iran, including those related to the supply of humanitarian trade, food, medicine and the safety of civil aviation. "So we did our job and more".

Oil dropped to around $83 a barrel on Monday, pressured by expectations that some Iranian oil exports will keep flowing after the USA reimposes sanctions, easing a strain on supplies. They would like the extra cash that high oil prices...

"They're taking a pause after yesterday's sell-off", said Andrew Lipow, president of Lipow Oil Associates.

With that being said, analysts are expecting a loss of about 1 Million BPD (Barrels Per Day). Brent crude had risen from below $82 a barrel in the beginning of the week. This means that any supply disruption can send prices soaring again as well as Asia's strong demand. The bulk of spare capacity is held by Saudi Arabia.

Oil capped the longest run of weekly gains since the start of this year amid concern that Saudi Arabia and Russian Federation might not pump enough crude to prevent a supply crunch as Iranian cargoes disappear from world markets. Meanwhile, the remaining parties to the 2015 nuclear deal-namely, Britain, France, Germany, Russia and China-have vowed to circumvent the American restrictions through the creation of a "special goal vehicle" that could include a mechanism for bartering goods for Iranian oil.

Turkish Police Believe Saudi Journalist Was Killed at Consulate
Saudi officials say he left shortly afterwards but his fiancee, who was waiting outside, said he never came out. A senior Turkish police source told MEE that Khashoggi had been "brutally tortured, killed and cut into pieces.

In May, Trump pulled the USA out of the Iran nuclear deal despite objection from the other signatories, the UK, Russia, Germany, China, and France, re-imposing sanctions lifted under the deal.

Khamenei's comments came prior to the date of US President Donald Trump's second batch of sections against Tehran, expected next November 4.

The Saudis, by contrast, are bitter rivals with Iran in the Middle Eastern region and applauded Trump's decision to quit the nuclear deal.

Indian Oil Corp will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals another 3 million barrels, the source said.

The U.S. officially quit a mid-20th-century friendship treaty with Iran, with which Washington has feuded for decades over accusations that Tehran sponsors terrorism and pursues nuclear ambitions.

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