Two Indian companies to buy Iranian oil in November: Dharmendra Pradhan

International Court of Justice

India will buy a total of 9 million barrels of oil from Iran in November, foreign media reported yesterday, citing an industry source, despite United States sanctions on Tehran to return early next month.

In a sign that Iran oil exports won't fall to nothing from November, India will buy 9 million barrels of Iranian crude next month, Reuters reported on Friday.

Two companies in India, a big buyer of Iranian oil, have ordered barrels in November, India's oil minister said on Monday.

"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".

The news of India's continued importation of Iranian crude had a positive effect on oil prices, with Brent crude down 1.6% to $82.79 at the time of writing on Monday morning.

That is the longest streak of weekly cuts since October a year ago.

White House National Security Adviser John Bolton said on Thursday that the administration's goal was that there be no waivers and "exports of Iranian oil and gas and condensates drops to zero".

Olivier Jakob of Petromatrix said: "One way or another, it looks as though India is going to take some Iranian crude".

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

"What the Saudis had been supplying the market with, were not from Riyadh's spare capacity but from tapping its oil stocks", Zanganeh said, according to the website.

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. -Chinese trade war could slow down economic growth and hit oil demand also weighed on the market, traders in Asia said. China is reportedly reducing its oil imports from Iran, though it's not likely to fully comply with the USA demands.

Oil rallied to the highest in nearly four years earlier this month on concerns that OPEC and its allies aren't raising output quickly enough to make up for the squeeze on Iranian shipments.

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