US ends Iran sanction waivers: What it means for oil and endgame explained

Trump and US Secretary of State Mike Pompeo both expressed confidence that Saudi Arabia, the UAE and OPEC in general will help offset the loss of Iranian barrels from next month

Saudi Energy Minister Khalid al-Falih said the Kingdom will coordinate with fellow producers to ensure that the oil market does not go out of balance

President Donald Trump caught the oil market by surprise on April 22 by declaring that the US will end all Iran sanction waivers after May 2. The waivers, issued to eight countries for an initial period of 180 days when Washington imposed sanctions against Iran’s oil and shipping sectors starting November 5 last year, were widely expected to be renewed. Iran has been exporting around 1.1 million b/d of crude and 200-300,000 b/d of condensates to China, India, Japan, South Korea and Turkey under the existing sanction waivers. Another 300,000 b/d of Iranian oil has been probably ...