Iran says Saudi claims to replace its oil 'unbelievable'

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

Prince Mohammed told Bloomberg on Friday that the kingdom had met its promise to Washington to make up for Iranian oil supplies lost through USA sanctions, reimposed when the United States exited a 2015 nuclear deal between Tehran and six powers.

"Refiners have placed November nominations to lift 1.25 million tons (about 9 million barrels) of oil from Iran", Reuters quoted a source as saying.

The official, speaking on the condition of anonymity, said the administration was "in the midst of an internal process" of considering exemptions for major cuts.

A second round, forthcoming on November 4, will be targeting Iran's oil sales and its Central Bank.

The news of India's continued importation of Iranian crude had a positive effect on oil prices, with Brent crude down 1.6% to $82.79 at the time of writing on Monday morning. It hit a four-year high of $86.74 last week.

But New Delhi needs a waiver to ensure its wider exposure to the USA financial system is not affected.

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A United States government official said on Friday that the Trump administration is actively considering waivers on sanctions it will re-impose next month for countries that are reducing their imports of Iranian oil.

India has a strong trade and diplomatic relationship with both Iran and the US. Unlike many other news organizations, we have not put up a paywall.

India will buy a total of 9 million barrels of oil from Iran in November, foreign media reported yesterday, citing an industry source, despite USA sanctions on Tehran to return early next month. And Saudi Arabia and OPEC and non-OPEC countries, they've produced 1.5 million barrels a day.

Pradhan said that while speaking to Saudi Arabia's energy minister Khalid A. Al-Falih two days ago he had reminded him of Opec's June decision and added that perhaps the increase in oil productions had not taken place.

Oil traders initially reacted to a selloff in Chinese stocks, but as the USA stock market opened higher, "we've pulled back dramatically", said Mark Anderle, an energy trader at TAC Energy.

Zanganeh accused Tehran's regional rival Saudi Arabia of bowing to U.S. pressure, saying such remarks had no "real impact on the market" but were part of a psychological war launched against Iran.

But Innes warned that limited spare production to deal with further supply disruptions meant "the capacity is quickly declining due to Asia's insatiable demand".

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