Iranian Oil Exports

Oil prices rose more than 3% on Monday as a demand bump fueled by COVID-19 vaccination drives gave traders optimism that the market can absorb any Iranian oil that would come on the market if Western talks with Tehran lead to the lifting of sanctions.

Several state refiners, whose refineries are suited to the crude, have committed to buy Iranian oil once sanctions are lifted. State-run Bharat Petroleum Corp, which plans to tap the spot market for 45 per cent of its overall imports, will buy Iranian oil if sanctions are lifted

Iran will continue to export oil despite U.S. pressure aimed at reducing the nation's crude oil shipments to zero, Iran President Hassan Rouhani said in a speech broadcast live on Iranian state TV on Tuesday.

In a move that could have implications on India's energy security, US President Donald Trump on Monday decided not to grant sanctions exemptions to any oil customers of Iran, further squeezing Tehran's top export commodity.

The United States will grant no more waivers for Iranian oil after the reimposition of US sanctions, the US special representative for Iran said on Saturday, underlining Washington's push to choke off Tehran's sources of income.

All countries that were granted waivers from the United States to continue buying a certain amount of Iranian oil imports are complying with U.S. sanctions, a senior Iranian energy official said, noting that Tehran was hopeful to find new buyers.

The United States will not be able to stop Iran exporting its oil and any move to prevent Iranian crude shipments passing through the Gulf would lead to all oil exports through the waterway being blocked, Iran's president said on Tuesday.

The United States granted exemptions to India, China and six other countries, allowing them to temporarily continue buying Iranian oil, but those waivers carry conditions.

Some of the eight countries - China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea - include OPEC (Organization of the Petroleum Exporting Countries) member Iran's top customers.

The United States will allow eight countries to continue importing Iranian oil but only at much lower levels after the reimposition of sanctions on Monday, Secretary of State Mike Pompeo said Friday.

Oil has rallied this year on expectations the sanctions will test the production ability of the Organization of the Petroleum Exporting Countries and others as Iranian crude exports decline.

Indian buyers reduced U.S. crude purchases and loaded up on Iranian oil ahead of the restart of U.S. sanctions next month and as the WTI-Brent differential narrowed, according to traders and shipping intelligence firm Kpler.

A U.S. plan to reduce Iran's oil exports to zero will not succeed, Iranian Foreign Minister Mohammad Javad Zarif was cited as saying by an Iranian newspaper on Wednesday.

The United States is not "afraid to tackle" Iranian officials with sanctions at the "highest level" of its government, Secretary of State Mike Pompeo said on Sunday.

Iran's oil minister on Saturday accused U.S. President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding that Iranian output and exports had not changed as a result of U.S. pressure.

Oil prices rose more than 3% on Monday as a demand bump fueled by COVID-19 vaccination drives gave traders optimism that the market can absorb any Iranian oil that would come on the market if Western talks with Tehran lead to the lifting of sanctions.

Several state refiners, whose refineries are suited to the crude, have committed to buy Iranian oil once sanctions are lifted. State-run Bharat Petroleum Corp, which plans to tap the spot market for 45 per cent of its overall imports, will buy Iranian oil if sanctions are lifted

Iran will continue to export oil despite U.S. pressure aimed at reducing the nation's crude oil shipments to zero, Iran President Hassan Rouhani said in a speech broadcast live on Iranian state TV on Tuesday.

In a move that could have implications on India's energy security, US President Donald Trump on Monday decided not to grant sanctions exemptions to any oil customers of Iran, further squeezing Tehran's top export commodity.

The United States will grant no more waivers for Iranian oil after the reimposition of US sanctions, the US special representative for Iran said on Saturday, underlining Washington's push to choke off Tehran's sources of income.

All countries that were granted waivers from the United States to continue buying a certain amount of Iranian oil imports are complying with U.S. sanctions, a senior Iranian energy official said, noting that Tehran was hopeful to find new buyers.

The United States will not be able to stop Iran exporting its oil and any move to prevent Iranian crude shipments passing through the Gulf would lead to all oil exports through the waterway being blocked, Iran's president said on Tuesday.

The United States granted exemptions to India, China and six other countries, allowing them to temporarily continue buying Iranian oil, but those waivers carry conditions.

Some of the eight countries - China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea - include OPEC (Organization of the Petroleum Exporting Countries) member Iran's top customers.

The United States will allow eight countries to continue importing Iranian oil but only at much lower levels after the reimposition of sanctions on Monday, Secretary of State Mike Pompeo said Friday.

Oil has rallied this year on expectations the sanctions will test the production ability of the Organization of the Petroleum Exporting Countries and others as Iranian crude exports decline.

Indian buyers reduced U.S. crude purchases and loaded up on Iranian oil ahead of the restart of U.S. sanctions next month and as the WTI-Brent differential narrowed, according to traders and shipping intelligence firm Kpler.

A U.S. plan to reduce Iran's oil exports to zero will not succeed, Iranian Foreign Minister Mohammad Javad Zarif was cited as saying by an Iranian newspaper on Wednesday.

The United States is not "afraid to tackle" Iranian officials with sanctions at the "highest level" of its government, Secretary of State Mike Pompeo said on Sunday.

Iran's oil minister on Saturday accused U.S. President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding that Iranian output and exports had not changed as a result of U.S. pressure.