The price of oil dropped to 83.33 USD per barrel

© RIA Novosti / Ilya Petliurite in photobacteria oil. Archival photoThe price of oil dropped to 83.33 USD per barrel© RIA Novosti / Ilya Petliurite the image Bank

World oil prices decline by about 1% after media reports that U.S. authorities are considering the possibility of exceptions in terms of imports of raw materials from Iran for some buyers in the upcoming oil sanctions, according to the auction.

As at 8.29 GMT the cost of December futures for North sea petroleum mix of mark Brent has decreased on 0,99%, up to 83.33 dollars per barrel, the price of November futures for WTI — by 0.71%, and 73.81 to $ per barrel.

The focus of market participants on Monday was the message is that the US is the exception, not considering the possibility of easing the conditions of oil imports from Iran for some buyers of raw materials in the future in November oil sanctions against the country. According to sources, exemptions can be made for countries that have already demonstrated their desire to reduce oil imports from Iran. In September, U.S. officials have said that some countries might be given more time to collapse of trade relations with Iran.

The President of the United States Donald trump announced in may that Washington comes from the agreement on the nuclear program with Iran. Trump also announced the restoration of all sanctions against Iran including secondary, that is, against other countries doing business with Iran. Once again, the U.S. has enacted on August 7 some of the sanctions against Iran. More substantial sanctions, which will cover the export of petroleum products will come into force on 4 November. Washington has declared the purpose to increase the export of oil from Iran to zero and called on buyers of Iranian oil to abandon such purchases.

In addition, markets play a statement of the crown Prince of Saudi Arabia Mohammed bin Salman al-Saud in an interview with Bloomberg that the Kingdom is fulfilling its promise to prevent a shortage of supply in the oil market in connection with the reduction of export of raw materials Iran ahead of the sanctions. According to him, Saudi Arabia along with its partners in the OPEC deal+ increased the production twice that departed from the market Iranian oil.

«Additional pressure on the price of oil have reports that Saudi Arabia has replaced all retired from the market, the volume of Iranian oil,» — said the head of the trade division at the Asia Pacific OANDA Stephen Innes (Stephen Innes).

The price of oil dropped to 83.33 USD per barrel© Infographicsrussia forces in the world oil market