US Actively Considering Waivers on Iran Oil Sanctions

Official says S Arabia unable to replace Iran’s oil

Iran says it has abided by the 2015 nuclear deal, which was struck with five other world powers, besides the United States.

Oil prices are up on the week overall despite a large build in crude oil prices.

It was the result of the two nations being "desirous of emphasizing the friendly relations which have long prevailed between their peoples, of reaffirming the high principles in the regulation of human affairs to which they are committed, of encouraging mutually beneficial trade and investments and closer economic intercourse generally between their peoples, and of regulating consular relations", according to the document.

India, second only to China in its purchases of Iranian oil, said last week that it would buy nine million barrels from Iran in a different currency from the U.S. dollar. The U.S. State Department continues to ask for OPEC to tap its reserve supplies.

USA sanctions against Tehran will become effective from November 4, which will block payment routes.

U.S. Secretary of Energy Rick Perry, left, shake hands with Russian Energy Minister Alexander Novak after a news conference in Moscow, Russia, Sept. 13, 2018.

Following the United States exit, Iran and the remaining parties launched talks to save the accord.

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US drillers cut two oil rigs in the week to October 5, General Electric Co's (GE.N) Baker Hughes energy services firm said on Friday RIG-OL-USA-BHI, as rising costs and pipeline bottlenecks in the nation's largest oil field have hindered new drilling since June.

Saudi Arabian Crown Prince Mohammed bin Salman insisted the kingdom is fulfilling promises to make up for lost Iranian crude supplies, Bloomberg reported. But its output has declined sharply in recent months under the threat of US sanctions.

The kingdom has lifted production nearly to a record and might raise it again next month, although doing so will infringe on available spare capacity, limiting Saudi Arabia's ability to react to other supply shocks.

While concerns about $100 a barrel oil have run rampant recently, Barclays takes a different approach in its latest prediction. This led some analysts to suggest that the details of the deal were intentionally leaked in order to keep the price of oil from continuing to climb ahead of the November 4 deadline.

The market is expected to remain volatile till it gets clarity on what will be the ultimate drop in Iranian exports and to what extent other oil producers will fill the gap.

In this context, the Indian public sector oil firms have been contracting Iran for the next month to import crude oil.

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