Iran's oil exports fell by about a third in the five months to September, tumbling by about 800,000 barrels per day (bpd), according to CNBC.
U.S. President Donald Trump said on Wednesday in a presidential memorandum that he had determined there was sufficient supply of petroleum and petroleum products from nations other than Iran to permit a reduction in purchases from that country.
USA light crude CLc1 was 25 cents down at $65.93.
The presence of Iranian bank would help both the parties as it would enable rupee trading as exporters can make payment in that bank which could be adjusted against imports. The report also showed that a tanker-tracking firm estimated Iran's losses in October at 100,000 bpd.
Almost 40 years after the 1979 Islamic revolution saw the exit of Western oil companies from Iran, the Iranian oil sector faces yet another costly disruption after a series of interruptions from war, sanctions and diplomatic isolation.
Iran's oil flows to India were 600,000 bpd in September and are estimated at around 500,000 bpd in October, Platts oil flow data suggests.More news: Trump asks officials to draft possible trade deal with China
After recent losses in oil prices, Nunan said this is not the time to back off, if Trump wants to put the screws on Iran.
India is hoping to continue importing Iranian oil following the imposition of U.S. sanctions on Tehran over the weekend, a source in the country's Ministry of External Affairs has told Sputnik.
If that wasn't enough to convince skeptics that producing nations are more than capable of holding their own against Iranian losses, Trump on Friday sent shock waves through the analytical community that prefers to rely on geopolitics rather than numbers to assess the state of the crude market, by agreeing to let eight countries - including Japan, India, and South Korea - keep buying Iranian oil after the USA reimposes sanctions on the Islamic republic next week. But we are prepared to work with countries that are reducing their imports on a case-by-case basis.
Meanwhile, Russia's crude and condensate output averaged 11.412 million bpd in October, according to data from that country's energy ministry, about 160,000 bpd more than two years ago and just shy of its highest-ever output of 11.416 million bpd, which was posted in 1987 during the Soviet era.
New U.S. sanctions on Iran begin on November 4 and Washington has made it clear to Tehran's customers that it expects them to stop buying any Iranian crude oil from that date.
The rupee surged by 100 paise to close at 72.45 against the USA dollar - the Indian currency's biggest single-day gain in five years as global crude prices fell and currency traders factored in the prospect that the United States would grant the waiver from sanctions to India.
That's significantly lower than the peak of 2.7 million bpd in June this year, but still stubbornly high compared to some analyst estimates that the predicted sanctions could possibly choke off close to 2 million bpd of Iran's oil exports.