Trump’s decision to let Iran waivers expire could kill off the OPEC+ deal while dealing a serious blow to the coalition’s ability to coordinate production cuts. The Wall Street Journal reported that the Trump administration’s decision to let waivers expire “surprised buyers and others who had been told by State Department officials in recent weeks to expect a renewal of exceptions.” The White House said that Saudi Arabia and the UAE have agreed to offset lost barrels from Iran, although Saudi Arabia was more measured in its response, saying only that it would add supply if needed. In theory, Saudi Arabia could add a few hundred thousand barrels per day above current levels and still keep output below its ceiling as part of the OPEC+ deal, but that may not be enough to compensate for outages in Iran, which could be significant. After all, the whole point of the […]