Despite the Looming US Sanctions, India to Continue Buying Iranian Oil

Saudi Arabia unable to replace lost Iranian oil – Iran’s oil minister

Erdogan has not accused Saudi Arabia of being responsible for Khashoggi's disappearance but has said that if the Saudis have video footage of him leaving the consulate, they should release it. Saudi Arabia is a major investor in Turkey, despite Ankara's support for the Gulf nation of Qatar, which is under a blockade led by Saudi Arabia and three other Arab nations.

In the calls by Bolton, Kushner and Pompeo, she said, "they asked for more details and for the Saudi government to be transparent in the investigation process".

The State Department has ordered buyers to cut oil imports from Iran by November 4.

Further weighing on oil prices was "chatter that Saudi Arabia has replaced all of Iran's lost oil", said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

Oil prices, which account for about 80 percent of Saudi public income, have increased by more than 70 percent since June past year to over $80 a barrel.

Saudi Arabia remained silent as the images, though not offering definitive proof about Khashoggi's fate, played across television networks in Turkey and around the world.

In an attempt to compel Iran to agree to a new accord, Trump reinstated sanctions that targeted the Iranian government's purchase of USA dollars, Iran's trade in gold and other precious metals, and its automotive sector.

The Joint Comprehensive Plan of Action, a deal reached in 2015 by the Obama administration, meant sanctions on Iran were dropped in exchange for Iran limiting its nuclear activities.

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In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due to the storm, the Bureau of Safety and Environmental Enforcement said. A second round of sanctions targeting Iran's oil sector is due to go into effect on November 5.

He also noted that triple digit prices "would require a sustainable outage in Iranian exports going down to zero plus another disruption someplace like Venezuela; the way we're seeing it is long dated oil prices are rising, the front-end is weakening which is telling you that hey, we don't have a problem today, we potentially have a problem tomorrow".

Oil prices continued their rally on the expectations that the sanctions would test OPEC countries as well as other large producers. Under this, only the President has the right to exempt India from United States sanctions on arms deal with Russian Federation.

These claims aim to satisfy the USA and express support for Washington's sanctions against Iran, he added.

It has also imposed sanctions against third countries that conduct business with Iran.

During the last round of sanctions, Iran used its huge tanker fleet both for storing and shipment of crude oil and used domestic insurance coverage for tankers and cargo.

"A source said: "It is still early to say how India will settle its trade with Iran", and said it may consider paying for the oil with the rupee currency".

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