United States Must Lift Aviation Sanctions On Iran

US considers sanction waivers on countries reducing imports of Iranian oil

US considers sanction waivers on countries reducing imports of Iranian oil

During the previous round of sanctions, India had continued importing Iranian oil although purchases were cut significantly to safeguard itself from the USA financial system.

Friday marked the end of a particularly volatile week for crude that saw one massive uptick, one massive loss, and everything in between, and culminating in flat trading for the Brent and West Texas Intermediate benchmarks - with traders obsessed over what market impact the us sanctions against Iran will have when they come into effect in November.

In its lawsuit against the U.S., the Islamic Republic of Iran argued that the sanctions violate the terms of the 1955 Treaty of Amity between Iran and the U.S. It also called on the court to order the U.S. government to immediately stop its destructive measures.

Global benchmark Brent crude oil futures were at $85.05 per barrel at 0653 GMT, up 47 cents, or 0.6 percent from their last close.

Brent crude oil prices fell more than 1 percent on Monday after Washington said it may grant waivers to sanctions against Iran's oil exports next month, and as Saudi Arabia was said to be replacing any potential shortfall from Iran.

West Texas Intermediate (WTI) for November delivery on Friday rose to US$74.34 a barrel on the New York Mercantile Exchange.

Speaking to hundreds of members of the Basij militia and top Revolutionary Guard leaders gathered at Tehran's Azadi stadium, he said: "The situation of the nation, region and world is sensitive, especially for us the people of Iran".

In the previous round of sanctions from 2012 to 2015, India continued to buy Iranian crude although it had to cut purchases significantly to protect its wider exposure to the USA financial system.

Saudi Arabia is now pumping about 10.7 million barrels a day - close to a record - and can add a further 1.3 million "if the market needs that", Salman told Bloomberg.

The market has been reacting to the November 4 deadline of the USA administration for the global buyers to stop purchasing crude oil from Iran as part of the United States sanctions.

"We export as much as two barrels for any barrel that disappeared from Iran recently", the prince said.

While Russia's involvement in brokering this no-longer-secret deal with the Saudis seems to contradict its own geopolitical interests and public statements, there are a few motives that seem to explain the Russian decision to aid the US effort to offset a coming supply shock resulting from the removal of Iranian oil from the global market.

Iran's key oil customers are opting for more medium sour crudes from Saudi Arabia, Iraq, Russia and UAE, which is causing prices of these grades to soar and putting pressure on global refinery margins.

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.

"The Saudis won't flood the market and they don't want to see it oversupplied", UBS Group AG analyst Giovanni Staunovo said.

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