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00:00:00
in an effort to choke off Iran's oil revenues the US on Monday threatened sanctions on countries including American allies if they import Aronian crude goal is to get countries to see supporting Iranian oil entirely United States reimposed sanctions in November on exports of Iranian oil after trump unilaterally pulled out of the twenty fifteen Iran nuclear deal but the US also granted exemptions to eight nations including China India South Korea and Japan to keep importing Iranian oil on Monday secretary of state Mike Pompeii %HESITATION said those waivers will not be renewed today I am announcing that will no longer grant any exemptions we're going to zero the news quickly sent crude prices to a six month high and the trump administration was just as quick to try and calm fears of tightening oil supply the United States with a constant discussion with allies and partners to help them transition away from Iranian crude to other alternatives countries reliant on crude imports and oil traders are trying to gauge the potential impact the market is somewhat skeptical of the idea that the US has this all worked out Reuters U. S. commodities editor David Geffen it is unclear whether %HESITATION people are accepting the entirely rosy scenario that the U. S. is laying out that Saudi Arabia and the United Arab Emirates and the other major OPEC producers not including around of course will be able to fill that gap now a sort of clear eyed look at this would suggest that the Saudis do you have the room to produce more even if Saudi Arabia and other exporters ramp up supply to meet demand some analysts told Reuters that tapping those reserves now could mean a loss and spare capacity meaning less of a cushion if there are unforeseen crises ahead