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Citing an Iranian official familiar with the matter, Reuters reported that Iran’s crude oil exports could drop to 700,000 barrels per day and as low as 500,000 per day from May onwards. Similarly, an OPEC source said that they were expecting exports to drop to 400,000 – 600,000 bpd range.

“Washington, aiming to cut Iran’s sales to zero, said all sanctions waivers for those importing Iranian oil would end this week. Iran says this will not happen, although its officials are bracing for a drop in supplies,” the article explained.