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U.S. oil ban on Iran begins
May 2, 2019 5:42 AM ET
U.S. waivers on purchasing Iranian oil expired overnight for eight countries, including Iran's main oil customer, China.

Speaking at an oil conference in Tehran, OPEC secretary-general Mohammed Barkindo said his group is working to "depoliticize oil" and "insulate our organization against geopolitics," but didn't directly address the U.S. sanctions.

Some Iranian and U.S. officials project that the country's exports might fall as low as 400K barrels a month by this summer (before the U.S. exit from the nuclear deal, Iran exported 2.5M barrels a day).

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