US considering waivers on Iran oil sanctions

Official says S Arabia unable to replace Iran’s oil

Crude rises as alarm bells sound over supply crunch

This led some analysts to suggest that the details of the deal were intentionally leaked in order to keep the price of oil from continuing to climb ahead of the November 4 deadline. Front-month ICE Brent futures settled above $86/b Wednesday, the highest in four years, before dropping back below $85/b Thursday.

"Enemies present distorted images of Iran, of themselves and the region to pretend they are in power, while in fact they are not", he said, claiming that he heard the USA president saying to some European leaders to wait two to three months before Iran comes to its end.

Islamic Republic of Iran enjoys high potential in exporting oil to target markets and put country's oil exports volume per day at 2.8 million, he maintained.

The U.S. Labor Department's employment report showed that average hourly earnings increased 0.3 percent in September, while the unemployment rate fell to near a 49-year low of 3.7 percent. "The decision proved once again that the Islamic Republic is right and the USA sanctions against people and citizens of our country are illegal and cruel".

"Refiners have placed November nominations to lift 1.25 million tonnes (about 9 million barrels) of oil from Iran", one of the sources said.

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India is Iran's second-largest single oil customer after China and was expected to cut back on Iranian oil purchases following United States sanctions.

As Iran's key oil customers look for alternative supplies, they are opting for more medium sour crudes from Saudi Arabia, Iraq, Russia and UAE.

Tight global oil supply in the fourth quarter as a result of Iran's rapidly falling exports and Venezuela's economic collapse have led some analysts to predict Brent futures will surge to $100/b. U.S. retail gasoline prices topped $3/gal in 13 states as of Friday, with the national average of $2.91/gal sitting just below the peak summer price in May. S Arabia threatens to block key United Nations climate report AFP, Incheon Oil giant Saudi Arabia is seeking to block adoption of a key United Nations climate change report unless a passage highlighting the inadequacy of national carbon-cutting pledges is removed or altered, multiple sources told AFP. The deal was struck as oil prices began to climb towards $80 per barrel. The Iranian government has also agreed to it. Steps are being taken to transfer the rupee to Iran through the UCO Bank and IDBI Bank. This compares with 15 million-17 million barrels about three weeks ago before some takers turned off their transponders.

Reuters separately said that India will buy 9 million barrels of Iranian oil in November, indicating that the world's third biggest oil importer would continue to buy crude from the Islamic Republic despite the USA sanctions.

As exports have fallen, domestic refinery runs have increased sharply.

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