Iran: Saudis Aren't Replacing Our Oil Exports

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CME Group Chairman and CEO Terry Duffy tells FOX Business' Neil Cavuto that US businesses are adapting to current oil prices.

Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, taking a major hit from US sanctions and throwing a challenge to other OPEC oil producers as they seek to cover the shortfall.

The comments followed news that India, Iran's No. 2 oil customer after China, will buy 9 million barrels of Iranian oil in November.

The administration is "in the midst of an internal process" of considering exceptions called SRE waivers, or significant reduction exemptions, said a government official, who spoke on the condition of anonymity.

He said Iran's sales had fallen by 700,000 barrels per day since the United States announced in May that it was pulling out of the 2015 nuclear deal with Iran and reimposing sanctions on its oil industry.

While Brent prices softened on Monday from $86 per barrel and was trading at $83.53 per barrel, traders worldwide are betting on crude oil prices to cross $100 yet again.

Oil prices nearly fully recovered from a sharp drop on Monday, paring losses as investors bet China's economic stimulus moves would lift crude demand in the world's No. 2 economy.

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The rupee has slumped in recent months amid a global rise in oil prices and a sell-off in emerging markets. Brent crude oil price was hovering near $85 per barrel in trade on Wednesday.

The sanctions on Iran's oil sector are not due to hit until November 5, but several key buyers in Europe and Asia have already cut purchases in recent months under pressure from Washington.

Furthermore, Leszczynski says that if India were to stop or significantly reduce imports from Iran, it would complicate the strategic relationship it is trying to build between the two countries. Unlike many other news organizations, we have not put up a paywall.

Saudi Arabia said last week it plans to raise production in November from October output of 10.7 million barrels per day (bpd), indicating Riyadh will be boosting its supply to the highest ever level.

Iran's Oil Minister Bijan Zanganeh on Monday dismissed as "nonsense" claims by the Saudi crown prince that Saudi Arabia can replace sanctions-hit Iranian oil in the market.

Concern that the U.S. -Chinese trade war could slow down economic growth also weighed on crude on Monday.

Iran has blamed Trump for oil price hikes, but the U.S. president has pointed the finger at OPEC and called on the oil-producing body to boost output.

"What Saudi Arabia had been supplying the market with, were not from [its] spare capacity but from tapping its oil stocks", he pointed out.

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