Two PSUs place orders for Iranian crude

With Iran sanctions still on the table, potential spare capacity constraints and also a slowdown in USA drilling, us bank J.P.Morgan said in its latest cross-asset outlook for clients that it recommended to "stay long Jan '19 WTI on supply risks to crude".

Besides, New Delhi sought to get around the restrictions by supplying goods including wheat, soybean meal and consumer products to Iran in exchange for oil. Washington said on Friday it was considering waivers for nations that were reducing imports of Iranian oil.

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 Indian Oil Corporation and Mangalore Refinery and Petrochemicals have ordered a total 1.25 million tonnes of crude.

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.

LONDON-Oil prices started the week under pressure, amid reports the US could grant waivers to some buyers of Iranian crude when oil sanctions on the Islamic Republic go into effect next month.

Washington is pushing allies to cut imports of Iranian oil to zero and will impose a new round of sanctions on Iranian oil sales in November.

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China has pledged to ignore United States sanctions and keep buying Iranian oil.

That is 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.

Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, as buyers sought alternatives ahead of US sanctions that take effect on November 4.

Iran says its oil flow to the market should not be hampered no matter what as Western oil news and information providers are steadily claiming declines in Iran's exports, putting them at about 1.7 million bpd ahead of the sanctions. Global crude oil prices had reached a record high of $147 per barrel in July 2009.

The cost of the Indian basket of crude rose to $84.14 a barrel on 5 October, according to the Petroleum Planning and Analysis Cell. To this, taxes at the central and state levels are added, besides dealers' commission, to arrive at the retail price. 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.

On the last week's excise duty and fuel price cut, the minister said these prices will not be deregulated.

"In effect, the government has asked the OMCs to sell petrol and diesel at subsidized prices, for which they will not be reimbursed", the report said.

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