Oil Declines on Hopes for U.S. Waivers on Iran, Saudi Assurance

Oil Declines on Hopes for U.S. Waivers on Iran, Saudi Assurance

Oil Declines on Hopes for U.S. Waivers on Iran, Saudi Assurance

Unlike many other news organizations, we have not put up a paywall.

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.

A U.S. government official, who spoke on the grounds of anonymity, said the Trump administration is "in the midst of an internal process" of considering exceptions called SRE waivers, or significant reduction exemptions.

A USA government official said on Friday that the administration was considering waivers on Iran's oil sanctions.

However, the Trump administration this weekend announced it is considering waivers on sanctions for countries that are merely reducing their imports of Iranian oil.

US Secretary of State Mike Pompeo said last month that the White House would only consider waivers for Iran's oil buyers if they vowed to eventually bring their imports to zero.

More news: William Nordhaus, Paul Romer win Nobel Economics Prize
More news: $100000 meteorite served as a doorstop
More news: Google Pixel 3 XL hands-on reveals the phone in full

In May, Trump pulled the USA out of the Iran nuclear deal despite objection from the other signatories, the UK, Russia, Germany, China, and France, re-imposing sanctions lifted under the deal. He added that the administration would not necessarily achieve that.

The world's third-biggest oil consumer, India, will continue importing crude from Iran despite U.S. threats to punish companies working in the Islamic Republic past the November sanctions deadline, Reuters reports. China, too, attempted in March to launch crude futures contracts in local currency to circumvent United States sanctions barring Tehran access to the greenback.

Saudi Arabia's ARAMCO has said it will make up for market demands for crude in Iran's place.

Speaking at the energy forum in New Delhi on Monday, Pradhan said India did not know whether it would receive a waiver from Washington's sanctions.

Following U.S. President Donald Trump's pressure to tame surging prices, Saudi Arabia's Crown Prince Mohammed Bin Salman said the world's top oil exporter is doing its part by pumping near record levels.

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

Recommended News

  • TV journalist murdered in Bulgarian town of Ruse

    TV journalist murdered in Bulgarian town of Ruse

    She had reported on alleged corruption by tycoons and politicians in an episode of his programme called Detector for TVN. Reporters Without Borders said other TVN journalists should get police protection during the investigation.
    Canelo Alvarez to Face Rocky Fielding at MSG

    Canelo Alvarez to Face Rocky Fielding at MSG

    Alvarez became the No. 1 middleweight on the planet when he outpointed Gennady Golovkin to claim the WBA and WBC titles. Fielding now stands at 27-1 and captured the WBA (regular) super middleweight belt with a win over Tyron Zeuge in July.
    Hafeez hits 10th ton as Pakistan dominate Australia in first Test

    Hafeez hits 10th ton as Pakistan dominate Australia in first Test

    Hafeez was overlooked from Pakistan's original 17-man squad and had not played Test cricket in more than two years. Three Australian players are making Test debuts in this match - Aaron Finch, Travis Head and Marnus Labuschagne .
  • NK leader expresses belief in 'good program' for 2nd summit with Trump

    NK leader expresses belief in 'good program' for 2nd summit with Trump

    Moon spoke of the imminent travel plans of the North Korean and Chinese leaders during a Cabinet meeting a day after U.S. North Korean leader Kim Jong Un speaks during joint news conference in Pyongyang, North Korea, September 19, 2018.
    US SEC Sets October 26 As Deadline for 9 Bitcoin ETF’s Review

    US SEC Sets October 26 As Deadline for 9 Bitcoin ETF’s Review

    Since the decision was extended on September 20, analysts expect the SEC to utilize all the extensions (maximum of 240 days). The cases involve ETF applications from three separate entities seeking to list their ETFs on major trading platforms.
    All Black out for three months after breaking neck in South Africa

    All Black out for three months after breaking neck in South Africa

    He knows he didn't play well in June (against England), but he'd just been made captain and had to get used to all that stuff. Up front, Kolisi was well supported by Pieter-Steph du Toit again, while Malcolm Marx and Steven Kitshoff stood out.
  • Doctor Who Barbie doll is inspired by Jodie Whittaker

    Doctor Who Barbie doll is inspired by Jodie Whittaker

    In an age of binge watching, the coming generation will be awed by both the Doctor's male and female incarnations. I predict great things as the season develops. "That's the major thing, not the female bit", she tells me.

    McConnell doesn't rule out confirming SCOTUS nominee in presidential election year

    Kavanaugh staunchly denied the allegations, but almost all Senate Democrats voted against his confirmation. Protesters occupy the Hart Senate Office Building during a rally against Kavanaugh in Washington.
    NASA probe close to the edge of interstellar space

    NASA probe close to the edge of interstellar space

    The probe's Low-Energy Charged Particle instrument has distinguished a comparative increment in higher-energy cosmic rays . However, scientists will learn about this change in cosmic rays only after the probe leaves the solar system.
  • 'Venom' Scores Massive Opening, Wins Weekend Box Office, & Breaks an October Record!

    'Venom' Scores Massive Opening, Wins Weekend Box Office, & Breaks an October Record!

    Everyone else in the top 10 and beyond were way down the line - No. 10 was " The Predator " with only $900,000, for comparison. Universal's " First Man ", Fox's " Bad Times at the El Royale " and Sony's "Goosebumps 2" are the major openers next weekend.
    Gareth Bale and Sergio Aguero among first Ballon d'Or candidates

    Gareth Bale and Sergio Aguero among first Ballon d'Or candidates

    There is no place on the final list for Arsenal forward Pierre-Emerick Aubameyang or PSG goalkeeper Gianluigi Buffon . This award runs alongside FIFA's The Best, which was won by Luka Modric in September .
    That latest warning from your Facebook friends is a hoax, officials say

    That latest warning from your Facebook friends is a hoax, officials say

    And people still do get hacked. "Please DO NOT accept a 2nd friend request from "me". please forward to all your contacts". To that end, Facebook says none of this related to the security breach.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.