Saudi Arabia unable to replace lost Iranian oil - Iran’s oil minister

The industry has been worrying that an entirely effective ban on Iranian oil exports would strain supplies.

The prices declined after the United States government indicated it might consider relaxations on oil imports from Iran.

US Secretary of State Mike Pompeo said in India last month that the Trump administration would consider waivers for Iranian oil buyers such as India but they must eventually bring the imports to zero.

International Olympic Committee and Mangalore Refinery and Petrochemicals Ltd (MRPL) together have placed order for 1.25 million tonne (MT) of crude oil from Iran.

Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, taking a major hit from USA sanctions and throwing a challenge to other OPEC oil producers as they seek to cover the shortfall.

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. This option was used to pay for Iranian oil during the sanctions imposed by the USA during Barack Obama's presidency and other European governments. Pradhan said India has its own energy requirements which need to be fulfilled. At the same time, as a report in The Times of India said, there was no clarity on whether New Delhi will get a waiver from Washington.

CME Group Chairman and CEO Terry Duffy tells FOX Business' Neil Cavuto that US businesses are adapting to current oil prices. Indian Oil Corp Chairman Sanjiv Singh said options for paying Iran are under discussions. Saudi Arabia's production boost and the willingness to replace the Iranian barrels, easing the supply side pressure also led to the price fall.

Opec accounts for around 40% of the global production. The grouping's June decision to increase production by around 1 million barrels per day (bpd), or around 1% of global supply, followed calls from the United States, China and India to help moderate prices.

Zanganeh accused Tehran's regional rival Saudi Arabia of bowing to USA pressure, saying such remarks had no "real impact on the market" but were part of a psychological war launched against Iran. Brent crude on Wednesday last week reached $86.74 a barrel, the highest since 2014.

Andurand benefited from a surge in energy prices in late September that took oil to above $80 a barrel.

Due to the dollar strength, current oil prices in euros, yen, and Indian rupees have already risen to levels that had started to lead to demand slowdown in the past two cycles in 2008 and 2013, according to estimates by Reuters market analyst John Kemp. It added that the effective reversal of fuel price deregulation would also constrain future private sector investments in the sector.

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