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The Trump administration said Monday that it will not renew waivers granted last year to buyers of Iranian oil, demanding that these buyers cease their purchases by May 1 or face U.S. sanctions. In November 2018, the U.S. re-imposed sanctions on exports of Iranian oil but granted 6-month waivers from these sanctions to China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece. "We're going to zero across the board," U.S. Secretary of State Mike Pompeo said in a briefing on Monday, and added that the U.S. has no plans for a grace period for compliance beyond May 1. While Italy, Greece and Taiwan already have stopped their purchases of Iranian oil, doing so could prove more challenging for the others, especially China and India. Turkey, another buyer, slammed the U.S. decision. "We had indicated privately that zero was coming and now we're here," a senior Trump administration official responded on Monday in reference to Turkey's concerns.

U.S. President Donald Trump said on Monday that Saudi Arabia and other OPEC producers could "more than make up" for the decrease in oil supplies from Iran to global markets, after his administration decided to end waivers granted to buyers of Iranian oil. "Saudi Arabia and others in OPEC will more than make up the Oil Flow difference in our now Full Sanctions on Iranian Oil," Trump said on Twitter.