President Trump made a decision to leave the deal and reimpose sanctions. And that happened. Because recently, Iran reduced their exports by 700,000 barrels a day, if I'm not mistaken.
Indian refiners imported around 10 million barrels of Iranian oil in October, and its November shipments are expected to be lower. Consequently, rising oil supply has added to the pressure observed in the oil complex this morning.
"What Saudi Arabia had been supplying the market with, were not from [its] spare capacity but from tapping its oil stocks", he pointed out. Last applied from 2012 to 2015, the sanctions are in retaliation for Iran's supposed nuclear proliferation program.
The U.S.is imposing the sanctions because Iran has reneged on a 2015 nuclear deal-a point on which other major powers disagree-and because it wants Iranian forces to pull out of Syria and Iraq. A second round, forthcoming on November 4, will be targeting Iran's oil sales and its Central Bank.
"It has been quite a tough process to negotiate", said Sanjay Sudhir, a joint secretary handling worldwide cooperation in the Oil Ministry, in reference to efforts to diversify supplies and reduce Iranian imports.
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"Everytime China cuts interest rates, they increase oil consumption", said Phil Flynn, an analyst at Price Futures Group in Chicago.
Zangeneh further said any country that makes claims about supplying the market with more oil to replace lost Iranian exports had no "determining impact" on the market, but would lead to short-term psychological outcomes.
He argues that it would put in jeopardy projects such as Chabahar Port in south-eastern Iran which India sees as both an entry channel for Afghanistan and counter-balance to the nearby Chinese-built Gwadar port just across the border in south-western Pakistan. The tankers are sailing to India, China and the Middle East.
India also continued to buy Iranian oil in 2012-2015, but shipments had to be sharply reduced to avoid exposure to the United States financial system.
He emphasized that any arrangement for the sale of oil in the region "should be inclusive" and added, "If you exclude one country [and] make sure that one country's oil sale comes to zero, as President Trump wants, that would create problems for the whole region".
India will buy nine million barrels of Iranian oil in November, in a signal the world's third-biggest oil importer will continue purchasing crude from the Islamic republic despite USA sanctions coming into force on November 4.