Oil prices rise as Iranian crude exports fall

India would lift 9 million barrels of Iranian oil in November, equivalent to about 300,0000 barrels per day.

The details provided by Refinitiv Eikon showed the Islamic Republic exported 1.1 million barrels per day (bpd) of crude last week.

President Donald Trump has said the Iran oil sanctions are meant to isolate the regime in that country and force them to negotiate a new nuclear deal.

"Likely, India and Iran will agree to use Rupee payments instead of USA 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.

Pradhan reportedly said Monday that India does not know if it would get a waiver from the U.S.

But Iran, OPEC's third-largest producer, has repeatedly said that its oil exports can not be reduced to zero because of high demand levels in the market and has blamed Trump for an oil price rally caused by imposing sanctions on Tehran. "Iran's oil can not be replaced by Saudi Arabia nor any other country", Zanganeh was quoted as saying on his ministry's website.

That's down from at least 2.5 million bpd in April, before President Donald Trump in May withdrew the USA from a 2015 nuclear deal with Iran and reimposed sanctions.

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Iran's Oil Minister Bijan Zanganeh on Monday dismissed as "nonsense" claims by the Saudi crown prince that Saudi Arabia can replace sanctions-hit Iranian oil in the market. U.S. sanctions will block payment routes.

Hedge funds cut their bullish wagers on USA crude in the latest week to the lowest level in almost a year, data showed on Friday.

Meanwhile, the International Court of Justice ordered the U.S. 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.

Benchmark Brent crude was up 65 cents at $84.56 a barrel by 0850 GMT, having fallen as low as $82.66 on Monday.

The International Monetary Fund downgraded its global economic growth forecasts for 2018 and 2019 on Tuesday, potentially tempering demand for oil and its products. In September, Iran exported 1.6 million bpd. 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.

Pradhan said he had urged Saudi Arabia's oil minister to keep in mind the interests of oil consuming countries when it came to higher prices. Many BJP-ruled states have also cut the value-added tax (VAT) on fuel by an equivalent amount. Additionally, the state-owned oil marketing companies have been mandated to reduce prices of petrol and diesel by Re 1 a litre.

"The basic point is that they are all government companies", Mr. Pradhan said.

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