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ANZ analysts point out that in the US, the Trump administration announced its plans to not renew its sanction waivers on Iranian oil.

Key Quotes

“The six-month waiver was previously granted to eight countries to wind-up their exports from Iran without facing US sanctions.”

“The current waivers expire on 2 May and the decision is likely to worsen the ongoing supply woes being felt with Venezuelan sanctions, the OPEC supply cut, and intensifying conflict in Libya. That said, the administration is confident that any shortfall can be made up from Saudi Arabia, UAE, and other major producers.”