Exclusive: U.S. aims to cut Iran crude oil exports by about 20 percent to below 1 million barrels per day, sources say
WASHINGTON - The United States aims to cut Iran’s crude exports by about 20 percent to below 1 million barrels per day from May by requiring importing countries to reduce purchases to avoid U.S. sanctions, two sources familiar with the matter told Reuters.
The United States will likely renew waivers to sanctions for most countries buying Iranian crude, including the biggest buyers China and India, in exchange for pledges to cut combined imports to below 1 million bpd. That would be around 250,000 bpd below Iran’s current exports of 1.25 million bpd. The U.S. reimposed sanctions in November after pulling out of a 2015 nuclear accord between Iran and six world powers. Those sanctions have already halved Iranian oil exports.
While the latest talks on waivers aimed for a reduction in exports, the sources said the administration remained committed to a complete halt in the future. A State Department energy bureau spokesperson declined to comment on new volume targets for importers, but said U.S. officials were constantly assessing global oil markets to determine the way forward with Iran sanctions waivers.
It is unclear whether the administration will be able to convince China, India and Turkey - all of whom depend heavily on Iranian oil and have criticized the U.S. sanctions on Iran - to reduce imports.
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