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The first U.S. sanctions have been reimposed on Iran with little sign of either side softening its position.This time, Iran's exports of condensates, a light form of crude extracted from gas fields, will be covered by the sanctions.So what would the loss of Iranian oil exports look like?By July, European Union crude imports from Iran were down by around 220,000 barrels, or 41 percent, from April.While Economy Minister Nihat Zeybekci says U.S. sanctions aren't binding, imports of Iranian crude by Tupras Turkiye Petrol Rafinerileri AS are down 45 percent from April.Its imports of Iranian crude plunged under the Obama sanctions and rebounded only modestly when they were relaxed in 2016 .It's possible to imagine an arrangement in which India could buy a reduced volume of Iranian oil in return for a pledge to take more from the U.S. A halving of its purchases from Iran is possible, and might be enough to secure an initial waiver.Under Obama, Iran's crude and condensate exports fell by around 1.2 million barrels a day over about two years.
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