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Mounting Global Supply Risks Not Fully Priced Into Crude
The U.S. government took the oil market by surprise with its announcement on April 22 that it will not renew the six-month sanction waivers granted to buyers of Iranian crude, after they expire on May 2.
The move directly affects China, India, Japan, South Korea and Turkey. Three other countries that were granted exemptions from US sanctions against Iran’s oil and shipping sectors from November 5 last year — Taiwan, Italy and Greece — did not use them at all.