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The Trump administration will sharply accelerate its goal of driving Iran's oil exports to zero, ending sanctions exemptions that it previously granted to some of the Islamic Republic's biggest customers.
The Trump administration is trying to force Iran to the negotiating table. Last year, it laid out 12 demands that Iran must meet before the U.S. lifts sanctions. The list asks Iran to accept new limits on its nuclear program, end ballistic missile tests, cut off support for U.S.-designated terror groups and free U.S. citizens held in detention.
The Saudis and Emiratis are currently partnering with their fellow OPEC members and several other oil producing nations, including Russia, to limit oil supplies. The so-called OPEC+ alliance has been trying to keep 1.2 million bpd off the market since January, following a collapse in oil prices in the final months of 2018.Saudi Arabia and UAE have assured the U.S. they will ensure the market has an"appropriate supply," Pompeo said.
Following Washington's official announcement, Trump tweeted that Saudi Arabia and other OPEC members will"more than make up" for any drop in Iranian supplies.
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