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  The Trump administration will announce on Monday that all buyers of Iranian oil will have to end their purchases shortly or be subject to U.S. sanctions, a Washington Post columnist reported on Sunday. U.S. Secretary of State Mike Pompeo will announce "that, as of May 2, the State Department will no longer grant sanctions waivers to any country that is currently importing Iranian crude or condensate," the Washington Post's columnist Josh Rogin reported citing two State Department officials that he did not name.

Energy firms reduced the number of oil rigs operating in the U.S. last week for the first time in 3 weeks, according to energy services firm Baker Hughes. During the week to April 18, drillers cut 8 oil rigs to bring the total U.S. rig count down to 825.

Saudi Arabia's exports of crude oil fell in February by 277,000 bpd from January’s levels, official data showed on Thursday. The kingdom shipped out 6.977 mil bpd in February, down from 7.254 mil bpd in January, according to data from the Joint Organizations Data Initiative (JODI).

Russia has been cutting its oil production in line with the deal between OPEC and its allies, Russian Energy Minister Alexander Novak told reporters on Friday. Separately, Reuters reported on Friday that the country’s oil production was around 11.24 mil bpd between April 1 and April 18. This was still marginally higher than the 11.18 mil bpd level that Russia had committed to reach under its deal with other major producers.