Last April, Iran exported about 2.5 million barrels of oil per day (mbpd) before President Donald Trump decided to withdraw from the nuclear deal with Tehran. Sanctions were then placed on Iran, but following great opposition from Iran’s key customers, namely China and India, the U.S. granted “waivers” to allow some exports of Iranian crude. By this March, Iranian exports had already fallen to about 1 mbpd. The deadline for the waivers was May, 2018. This morning — April 22 — the U.S. declared it would not grant an extension of those waivers. If the U.S. forges ahead and China and India both comply, it could potentially take about 700,000 to 1 million bpd of oil out of the market! Brent Oil rose nearly $2.5/bbl. Monday morning on this news, with world markets rattled on the risk of an oil shortage given importance of Iran’s role. Meanwhile the U.S., […]