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"I can not say there will be a waiver or no waiver, but definitely we are hopeful that we will have some sort of clearance to continue with Iran".
However, those issues may not be enough to overshadow Iran sanctions. Concerns about the gap in crude oil supply caused by US sanctions on Iran have fueled spike of crude oil prices in the past few months.
Having lifted a self-imposed revolutionary ban on foreign investors in 1995, Iran has struggled to attract external investment for any sustained period.
For a sense of perspective, July 2016 was two months before a meeting that paved the way for an historic deal between OPEC, Russia and other producers to cut output.
The TD Securities team have been betting on an increase in the price of oil ever since the middle of October, having bought close to $10 million of futures contracts a fortnight ago, targeting a move up to $90 per barrell.
"Oil prices look to remain under pressure, as fears of global oversupply have returned with a vengeance", said Ashley Kelty, oil and gas research analyst at Cantor Fitzgerald Europe.
Russian production has risen to record high of 11.41 million bpd in October, up from 11.36 million bpd in September.
It has never returned to the record 6 million barrels per day (bpd) it pumped in 1974.
Oil prices dropped again after two-week loss. Of the 220.4 million tonnes of crude oil imported by India in 2017-18, about 9.4 per cent came from Iran.
Iran's exports halved during the depths of the 2012-2016 global sanctions on its nuclear programme.
India had also explained to "at several levels" to the U.S. why it needed continued access to help build the Iranian port of Chabahar - and its allied infrastructure like roads and rail links - through which New Delhi is sending wheat and other goods to Afghanistan.
Despite these efforts, analysts said any potential Iranian oil sanction waivers would likely only be temporary. Natural gas volumes decreased four percent "largely due to a continuing near-term shift in US unconventional development from dry gas to liquids", ExxonMobil said.
This isn't Iran's first round of sanctions.
USA crude oil production has increased significantly during the past ten years because of production from onsh.
"In spite of the increase of crude oil inventories, crude futures prices are being supported by the inventory decline in refined products", said Andrew Lipow, president of Lipow Oil Associates in Houston.