Highlights US sanctions aim at Iran’s 1.2 million b/d crude exports IEA pegs OPEC spare capacity at 3.30 mil b/d OPEC/non-OPEC quotas provide less cushion London — The looming lapse of sanctions waivers for imports of Iranian crude, along with the intensifying clashes in Libya and continued crisis in Venezuela, has put OPEC’s spare production capacity back in focus. In announcing Monday that the US would not renew waivers granted to eight countries to continue purchasing Iranian crude, officials said they had closely coordinated with their counterparts in Saudi Arabia and the UAE to “ensure market stability.” But any increase in production by those two core OPEC countries and other like-minded members could somewhat hamstring the organization’s ability to respond to other supply outages, if it is to maintain its role as the global swing supplier. OPEC […]