The Trump administration is poised to end a program that has allowed five large nations, including China and India, to buy Iranian oil despite American sanctions, two senior American officials said on Sunday, a decision that is intended to squeeze Tehran's government but could lead to higher oil and gasoline prices.
The governments were supposed to gradually decrease the amount of oil they were buying and bring their oil imports from Iran to zero.
Tom Kloza, global head of energy analysis at the Oil Price Information Service, said summer drivers could well see higher gasoline prices than last year.
Days later, Senator Ted Cruz, Republican of Texas, pressed Mr. Pompeo in a Senate hearing on the waivers and urged him to end two separate sets of waivers, one to allow some countries to purchase oil from Iran and the other to allow some countries to work with Iran on a civilian nuclear program.
Saudi officials were disappointed in the drop in global oil prices after the waivers were granted in November.
Since mid-February, oil prices have risen, leading to higher gasoline prices, which Mr. Trump has railed against on Twitter.
Middle Eastern oil executives are doubtful Saudi Arabia will immediately decide to pump more oil in part because of frustration over the administration's surprise decision last fall to issue sanction waivers, an action that caused oil prices to plummet below $50 a barrel and put additional pressure on the Saudi government budget, which relies on high oil prices.
https://www.nytimes.com/2019/04/21/us/politics/us-iran-oil-sanctions.html
The governments were supposed to gradually decrease the amount of oil they were buying and bring their oil imports from Iran to zero.
Tom Kloza, global head of energy analysis at the Oil Price Information Service, said summer drivers could well see higher gasoline prices than last year.
Days later, Senator Ted Cruz, Republican of Texas, pressed Mr. Pompeo in a Senate hearing on the waivers and urged him to end two separate sets of waivers, one to allow some countries to purchase oil from Iran and the other to allow some countries to work with Iran on a civilian nuclear program.
Saudi officials were disappointed in the drop in global oil prices after the waivers were granted in November.
Since mid-February, oil prices have risen, leading to higher gasoline prices, which Mr. Trump has railed against on Twitter.
Middle Eastern oil executives are doubtful Saudi Arabia will immediately decide to pump more oil in part because of frustration over the administration's surprise decision last fall to issue sanction waivers, an action that caused oil prices to plummet below $50 a barrel and put additional pressure on the Saudi government budget, which relies on high oil prices.
https://www.nytimes.com/2019/04/21/us/politics/us-iran-oil-sanctions.html
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