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The three-dollar plunge in the oil prices has also been due to the fall of the cost of dollar and modifying the previous forecasts about economic growth in some countries, including India.
The US retreat from its former threats to fully sanction Iran's oil exports has reduced concerns of the buyers.
The US had earlier warned all buyers of the Iranian oil to cut oil imports from Iran after November.
Washington has now announced it will exempt certain buyers of Iranian oil so that they will have enough time to find replacements.
Iran currently exports some 2.6 million bpd of oil and gas condensates.
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