India decides to import crude oil from Iran

US considers sanction waivers on countries reducing imports of Iranian oil

US considers sanction waivers on countries reducing imports of Iranian oil

"This price for oil is very largely the result of the current U.S. administration - these expectations of sanctions against Iran, the political problems in Venezuela", Russian President Vladimir Putin said at a conference in Moscow on Wednesday.

Trump has been blaming the Organisation of Petroleum Exporting Countries for rising crude prices ever since he decided in May to tear up the nuclear agreement with Iran and re-impose sanctions. This push to up supply at the U.S.' behest has already had lucrative consequences for the Saudis, so it is likely that economics and the promise of increased oil sales may have pushed Russian Federation to cooperate in private with the US effort to increase the oil supply from countries other than Iran.

West Texas Intermediate for November delivery advanced as much as 61 cents to $74.94 a barrel on the New York Mercantile Exchange and traded at $74.54 at 8:37 a.m. local time.

On Thursday, Brent futures fell $1.65 a barrel (1.9 per cent) to $84.64 a barrel and United States futures were down 2.7 per cent at $74.33 a barrel.

The administration withdrew from a deal over Tehran's nuclear program in May and is unilaterally reimposing sanctions on Iran's crude oil consumers on November 4.

Despite US' sanctions coming in force from November 4, India, the world's third largest oil importer, is all set to buy 9 million barrels of Iranian oil next month, reports Reuters.

Saudi Arabia could unilaterally increase production to offset Iranian crude.

Oil refiners such as state-owned International Olympic Committee and MRPL could use UCO BankNSE -1.76 % or IDBI BankNSE 0.79 % to route oil payments to Iran, sources said. Saudi Arabia at present produces 10.7 million barrels per day.

Prices might hit US$100 this autumn as U.S. pressure stymies exports from Iran, OPEC's No. 3 producer, Russian Minister of Energy Alexander Novak said. US State Department Legal Advisor Jennifer Newstead argues that Iran's request is not within the court's jurisdiction. Similarly, Iran's crude exports to China increased by 29,000 billion per day to 620,000 billion per day last month. Speculators have built bullish long positions on hopes of further price rise.

Indian buyers instead lifted purchases of Iranian crude to 502,000 bpd in the month, up 111,000 bpd over August, said Reuters which had already claimed that India was cutting Iran oil imports.

"A strong economy, low unemployment would suggest the US consumer is going to continue to fare well with higher energy prices", said Phil Flynn, an analyst at Price Futures Group in Chicago.

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