Before the reimposition of sanctions, Iran was the fourth-largest producer among Opec at about three-million barrels per day, but April exports have shrunk to below one-million bpd
Oil prices hit their highest since November on Tuesday after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply.
US West Texas Intermediate crude futures marked their strongest since October 2018 at $66.14 per barrel, up 59c or 0.9% from their previous settlement. US President Donald Trump is confident that Saudi Arabia and the United Arab Emirates will fulfill their pledges to make up the difference in oil markets, a US official told reporters.
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