Announcing the decision, the White House explained that this move aims to bring Iran’s oil exports to zero, undermining the country’s principal source of revenue.
The White House announced the decision not to reissue waivers on Iranian oil after they expire in May. Washington additionally stressed that the decision “is intended to bring Iran’s oil exports to zero”, ruining a vital source of revenue for Tehran.
“President Donald J. Trump has decided not to reissue Significant Reduction Exceptions (SREs) when they expire in early May. This decision is intended to bring Iran’s oil exports to zero, denying the regime its principal source of revenue,” the statement said.
The statement went on to say that the United States, Saudi Arabia, and the United Arab Emirates have pledged to ensure that the global market will have sufficient oil supply following Washington’s decision to terminate sanctions waivers for countries importing Iranian oil.
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“The United States, Saudi Arabia, and the United Arab Emirates, three of the world’s great energy producers, along with our friends and allies, are committed to ensuring that global oil markets remain adequately supplied”, the statement said.
Beijing has already commented on the US reported plans to scrap oil sanctions, saying that it stands against Washington’s unilateral restrictions against Tehran…