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The US administration has officially announced that it will not extend the exemption from the sanctions on the import of Iranian oil, Bloomberg reported

“This decision is intended to bring Iran’s oil exports to zero, denying the regime its principal source of revenue. The U.S., Saudi Arabia and the United Arab Emirates, three of the world’s great energy producers, along with our friends and allies, are committed to ensuring that global oil markets remain adequately supplied,” the source noted.

The current set of waivers -- issued to China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey -- expire May 2.

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