Sources: US aims to cut Iran oil exports to under 1 million bpd from May - Reuters

Reuters quotes two sources familiar with the matter, as saying that the US is planning to cut Iran’s crude exports by about 20% to below 1 million barrels per day (bpd) from May.

The sources said the US could achieve this by urging the importing countries (including the biggest buyers China and India) to reduce their purchases in an exchange for the US sanctions waivers.

One of the sources said: “The goal right now is to reduce Iranian oil exports to under 1 million barrels per day.” 

“Zeroing out could prove difficult” adding a price of around $65 a barrel for international benchmark Brent crude was “the high end of Trump’s crude price comfort zone,” said another source.