Despite US sanctions, India will buy oil from Iran in November

A fuel station in Nairobi

A fuel station in Nairobi. There are fears that global prices of crude could rise to $100 per barrel before the end of the year

According to CNBC, Pradhan said India may use rupees rather than dollars to buy the oil, in an attempt to skirt the sanctions.

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. India would lift 9 million barrels of Iranian oil in November, equivalent to about 300,0000 barrels per day (bpd), compared to an average of about 658,000 bpd from April to August, according to data available with Reuters.

According to Petroleum Minister Dharmendra Pradhan, India will continue to import oil from Iran in November despite the looming USA sanctions on that country.

The Trump administration is considering waivers on sanctions, a US government official said on Friday.

She said the sanctions that would come into force on 4 November were created to bring Tehran to book and not to penalise India, which meets 83% of its crude oil requirements from outside.

"We expect the global leadership to acknowledge India's need for Iran's oil", Pradhan said, adding that he wanted major oil producers like Saudi Arabia to raise production.

He added: "We were trying to balance our relationship with the United States and Iran, at the same time keeping our energy and security interest in mind".

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The Indian Oil Corporation and Mangalore Refinery and Petrochemicals have ordered a total 1.25 million tonnes of crude. An industry source who also tracks exports said October shipments were so far below 1 million bpd.

The Islamic Republic exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed.

Oil prices rallied last week to their highest level since November 2014, with Brent Crude hitting $86 and WTI Crude rising above $75 a barrel at one point in the middle of the week.

JP Morgan had expected demand growth to moderate this year, but so far demand has been "relatively robust", Scott Darling, regional head of oil and gas research at JP Morgan Chase, told Bloomberg on Monday.

Pradhan said he had urged Saudi Arabia's oil minister to keep in mind the interests of oil consuming countries when it came to higher prices.

In the run-up to 2019 general elections, Fitch Ratings recently raised the spectre of return of state control on fuel pricing in India. He added that state-run oil companies must also look at taking measures to ease the burden of consumers.

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