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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



US mulls waivers on Iran oil sanctions... but not permanently

By A/S Global Risk Management.



Michael Poulson, Senior Oil Risk Manager at Global Risk Management. Image credit: A/S Global Risk Management


Updated on 09 Oct 2018 07:35 GMT

India will continue to buy Iranian oil in November as the government allowed state-owned refiners to continue importing. Imports of about 300,0000 barrels per day (bpd) is expected in November as Tehran is offering favourable shipping of the crude. It is, however, a steep decrease in imports as the average from April to August was about 658,000 bpd.

U.S. Secretary of State said in New Delhi that the U.S. administration acknowledged some buyers of Iranian oil would take a "little bit of time" to unwind their trade with Iran, but as well that countries obtaining this possible waiver will eventually have to bring their imports from Iran to zero.

Oil market speculators cut their net long positions in Brent Crude by 14,398 contracts to 481,945 in the week ending on October 2 from a more than four-month high. This news,combined with India not cutting imports from Iran totally and the U.S. administration discussing possible waivers, likely resulted in the modest correction from the high of above $86. Today, however, the market is up again from yesterday's low of $83.91 to current levels of about $84.50.

Hurricane Michael is increasing in strength and is now category 1, currently around Cuba. The hurricane is expected to hit the US Gulf Coast on Wednesday, potentially affecting oil production in the area and causing some additional oil price volatility.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






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Oil prices trending down on comments of potential US sanction waivers
A/S Global Risk Management Ltd.

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