Oil prices surge after U.S. tightens sanctions
The White House intends to deprive Iran of its lifeline of $50 billion in annual oil revenues, Pompeo said, as it pressures Tehran to curtail its nuclear program, ballistic missile tests and support for conflicts in Syria and Yemen.
While Saudi Arabia is expected to boost output again, analysts fear the U.S. move - along with sanctions on Venezuela - will leave the world with inadequate spare capacity. In addition to China and India, the economies of Japan, South Korea, Taiwan, Turkey, Italy and Greece had also been granted waivers.
In recent months, Saudi Arabia and other OPEC members have cut supply dramatically. OPEC, along with ally Russia and others, agreed to reduce output by 1.2 million bpd, but they have exceeded those benchmarks, with Saudi Arabia alone reducing supply by 800,000 bpd.
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