Tehran says Saudi Arabia unable to replace lost Iranian oil

Tehran says Saudi Arabia unable to replace lost Iranian oil

The administration withdrew from a deal over Tehran's nuclear program in May and is unilaterally reimposing sanctions on Iran's crude oil consumers on November 4.

Delhi is hopeful that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries will heed U.S. calls for production to be boosted by one million barrels per day, as promised in June, which might help bring benchmark prices down. Secretary of State Mike Pompeo said in India last month that the administration would consider waivers and that some buyers of Iranian oil would take a "little bit of time" to unwind their trade with Iran.

Further weighing on oil prices was "chatter that Saudi Arabia has replaced all of Iran's lost oil", said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

India imported around 10 million barrels of Iranian oil in October, with the November shipment expected to be around 1 million barrels less than this.

India has been curtailing oil imports from Iran since September.

President Donald Trump has pulled the United States out of a historic 2015 accord with energy-rich Iran signed to curb the Islamic republic's nuclear programme in return for ending sanctions.

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However, a US government official said on Friday that the country could consider exemptions for nations that have already shown efforts to reduce their imports of Iranian oil.

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.

Wells, who was in New Delhi earlier this month as part of the delegation accompanying US Secretary of State Mike Pompeo for the India-US "2+2" dialogue, said there was no "blanket waiver or country-specific waiver" from US sanctions on trading with or investing in Iran or buying arms from Russian Federation.

"This is one of the single biggest supportive factors for crude", said analysts at JBC Energy of the U.S.re-imposition of Iran sanctions. Oil dropped to around $83 a barrel on Monday. The Indian basket represents the average of Oman, Dubai and Brent crude. Also, subsidised domestic cooking gas prices have been increased by Rs 2.89 per 14.2 kg cylinder to Rs 502.40, an all-time high. Additionally, the state-owned oil marketing companies have been mandated to reduce prices of petrol and diesel by Re 1 a litre.

"Oil should not only be priced from a producers' point of view consumers interest should also be taken care of", he said.

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