India wants United States sanctions waiver after cutting Iran oil imports

A fuel station in Nairobi

The Islamic Republic exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed.

Oil also dropped as investors focused on rising output from other producers, such as top exporter Saudi Arabia, to compensate for lower Iranian supplies which have fallen further in October according to export data.

The US withdrew from a deal on Iran's nuclear program in May and will individually impose sanctions on Iran's crude oil consumers on November 4. "Iran's oil can not be replaced by Saudi Arabia nor any other country", Zanganeh was quoted as saying on his ministry's website.

Egyptian‏ ‏and Palestinian officials on Sunday accused ‎Palestinian Authority leader Mahmoud Abbas of ‎actively escalating the crisis in the. "Having said that, it may well be that we are already in the most supportive phase coming from this change and the effect will soon begin to ease". The industry has been worrying that an entirely effective ban on Iranian oil exports would strain supplies. Brent rose to a four-year high of $86.74 last week.

Oil has been supported by concern that the Iranian export loss will leave a thinner margin of unused production capacity to deal with supply shocks. The tankers are sailing to India, China and the Middle East.

Pradhan said that while speaking to Saudi Arabia's energy minister Khalid A. Al-Falih two days ago he had reminded him of Opec's June decision and added that perhaps the increase in oil productions had not taken place.

White House National Security Advisor John Bolton said only last week that the administration wanted to avoid all waivers and see Iranian oil and gas exports entirely staunched, but that it might not be able to achieve that aim.

India, a major buyer, has ordered Iranian oil for November, although New Delhi does not yet know whether it will receive such a waiver.

"What Saudi Arabia had been supplying the market with, were not from [its] spare capacity but from tapping its oil stocks", he pointed out.

"The market does not want a single barrel", Iran's representative on OPEC's board of governors, Hossein Kazempour Ardebili, told Reuters in late September.

India, however, wants to keep importing oil from Iran, because Tehran offers discounts and incentives for them at a time when the Indian government is struggling with higher oil prices and a weakening local currency.

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