Oil drops below $83 on expectations Iran will maintain some exports

US actively considering waivers on Iran oil sanctions

"Iran's oil can not be replaced by Saudi Arabia", the minister added. "Having said that, it may well be that we are already in the most supportive phase coming from this change and the effect will soon begin to ease". And Saudi Arabia and OPEC and non-OPEC countries, they've produced 1.5 million barrels a day. Consequently, rising oil supply has added to the pressure observed in the oil complex this morning.

"Iranian barrels are declining fast, and Saudi Arabia's promise to balance will face a reality check in a month's time", J.P.Morgan said in an oil market note.

Last week, Saudi Arabia announced plans to lift crude output next month to 10.7 million bpd, a record. Iran says it has abided by the nuclear deal signed in 2015 with five major powers including the United States.

The US administration is "prepared to work with countries that are reducing their imports on a case-by-case basis", the official added. China is reportedly reducing its oil imports from Iran, though it's not likely to fully comply with the us demands.

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.

India, Iran's No.2 oil client behind China, does not recognise the U.S. sanctions.

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Iran has warned that if it were not able to export its crude oil through the Strait of Hormuz, no other country would be able to do so, threatening to block the strategic strait.

India would continue its energy imports from Iran even in the wake of the USA government's 4 November deadline, hinted petroleum minister Dharmendra Pradhan on Monday.

In an interview with Russia's Sputnik news agency, Iran's Deputy Foreign Minister Abbas Araqchi warned of the "serious effects" of the upcoming U.S. sanctions against Iran on oil prices and the entire Middle East. "This is an obvious fact".

India will buy nine million barrels of Iranian oil in November, in a signal the world's third-biggest oil importer will continue purchasing crude from the Islamic republic despite U.S. sanctions coming into force on November 4.

"It has been quite a tough process to negotiate", said Sanjay Sudhir, a joint secretary handling global cooperation in the Oil Ministry, in reference to efforts to diversify supplies and reduce Iranian imports.

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