General view of Aramco tanks and oil pipe at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah
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When U.S. President Donald Trump asked Saudi Arabia this summer to raise oil production to compensate for lower crude exports from Iran, Riyadh swiftly told Washington it would do so. But Saudi Arabia did not receive advance warning when Trump made a U-turn by offering generous waivers that are keeping more Iranian crude in the market instead of driving exports from Riyadh's archrival down to zero, OPEC and industry sources say.Angered by the U.S. move that has raised worries about over supply, Saudi Arabia is now considering cutting output with OPEC and its allies by approximately 1.4 million barrels per day or 1.5 percent of global supply, sources told Reuters this week.Washington has said the waivers are a temporary concession to allies that imported Iranian crude and might have struggled to find other supplies quickly when U.S. sanctions were imposed on Nov. 4 .U.S. Secretary of State Mike Pompeo said on Nov. 5 that cutting Iranian exports "to zero immediately" would have shocked the market. Washington gave waivers in November to eight buyers to purchase Iranian oil for 180 days.
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