Crude climbs as US vows to end all waivers on imports of Iranian oil
Gas flares at the Soroush oil fields behind an Iranian flag in the Persian Gulf, Iran. Picture: REUTERS/Raheb Homavandi
Eight economies, including China and India, were granted waivers for six months, and several had expected those exemptions to be renewed. Iran's oil exports have dropped to about 1-million barrels per day from more than 2.5-million bpd prior to the re-imposition of sanctions. Saudi Arabian energy minister Khalid al-Falih, in a statement on Monday, did not commit to raising production, saying it was"monitoring the oil market developments" after the US statement, and that it would co-ordinate with other oil producers to ensure a balanced market. Opec is next scheduled to meet in June.
In addition to China and India, the economies of Japan, South Korea, Taiwan, Turkey, Italy and Greece had also been granted waivers.Trump has been clear to his national security team in recent weeks that he wants the waivers to end and national security adviser John Bolton has been working on that within the administration.
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