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U.S. Officials Say the Oil Market Can Withstand No Iranian Exports This Year

  • Officials cite OPEC spare capacity, rising U.S. output
  • Waivers allowing Iranian oil purchases set to expire in May
Oil tanker ship iran
Photographer: Ali Mohammadi/Bloomberg
Updated on

U.S. officials said the global oil market can withstand the removal of all Iranian crude exports this year, a conclusion that could be pivotal in the coming weeks as President Donald Trump weighs whether to end sanctions waivers granted to several nations.

Based on current oil supply and the potential of the U.S. and Saudis to ramp up production, “going to zero” could happen this year without compromising affordable crude supplies, according to four officials who spoke on condition of anonymity to discuss internal deliberations. The officials emphasized that the discussions are still underway and no final decision has been made.