Global oil consumption to top 100m bpd in next 3 months: IEA

Oil futures in New York dropped by up to 0.8 per cent following two days of gains

Oil futures in New York dropped by up to 0.8 per cent following two days of gains

Elizabeth Roche, a well known writer associated with Livemint, quoting Alice G. Wells, the principal deputy assistant secretary of State for South and Central Asia, reported that USA has not taken any decision on sanctioning India for importing Oil from Iran, investing in Chabahar seaport or buying S-400 air defence missile system from Russian Federation.

The sanctions on Iran have started forcing buyers to forego imports from the Islamic republic before a 4 November deadline. Of this, close to 25% comes from Iran.

The OECD also said that America's oil demand is set to post strong growth for 2018.

Washington reimposed some of the financial sanctions from August 6, while those affecting Iran's petroleum sector will come into force from November 4. Iran is India's third largest supplier of oil, after Iraq and Saudi Arabia. The introduction of tighter standards for shipping fuel from IMO 2020 is among the bank's major concerns to cause market disruption as is the loss of Iran's crude. The rise in supply is to replace falling exports from Venezuela and Iran.

Kemp reiterated the growing concern of some pundits that US production is running into problems due to "the lack of sufficient pipeline capacity to move oil from shale wells in western Texas and eastern New Mexico to refineries in the Midwest and export terminals on the Gulf Coast".

In Asia, South Korea has stopped lifting Iranian oil since July.

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"The prospect of $100/b crude prices is an emotive one, but we think it is far from out of the question", said HSBC in its research note.

Outside the United States, traders have been focusing on the impact of looming USA sanctions against Iran, which will target oil exports from November.

In addition, the European Union, which had previously joined the targeting Iranian oil exports in 2012, has shown its unwillingness to follow Washington's lead this time around, openly vowing to rebel against the USA sanctions regimen and increasing the likelihood that Europe will continue to buy some Iranian oil despite US threats.

Bassam Fattouh and Andreas Economou at the Oxford Institute for Energy Studies wrote in a presentation in early September that they expect a total loss of 900,000 bpd of Iranian oil on the market.

"There are still plenty of battles and other influences to disrupt Brent supply which has kept traders interested", McKenna said, referring to concerns about supplies that tend to be priced off Brent, including from Libya, West Africa and the Middle East.

"The US officials were clear that we were still in process of reviewing the implementation of sanctions and that we were taking this under advisement". US was now India's top market for exports and the US-Indian bilateral trade expanded by $12 billion in 2017 totalling to $126bn, whereas two-way investment expanded nearly $57bn. "The situation should be closely watched, the right decisions should be taken", he said. "We continue to have conversations with the Indian leadership".

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