As President Donald Trump moves to shut Iran out of the oil market, other top producers are facing output disruptions.
The Trump administration said Monday it would not renew waivers that had shielded eight countries from sanctions on oil purchases from Iran, a surprise move that has raised concerns about global supply.
That policy was stricter than oil sanctions under the Obama administration, which granted waivers to 20 countries and expected others to reduce Iranian oil imports by about a fifth every 180 days.in a statement that other OPEC producers have agreed to help to make up for lost supply in the coming months, but geopolitical factors may present limits.draw further criticism
This all comes at a time of falling production among other major producers, potentially leaving the global market vulnerable to supply shocks. A price premium for heavy crude has already been apparent on the Gulf Coast, said Ashley Petersen, a senior oil market analyst at Houston-based Stratas Advisors, raising the possibility that consumers could see higher costs following US sanctions.
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