Iranian rials, U.S. dollars and Iraqi dinars are seen at a currency exchange shop in Basra, Iraq November 3, 2018. Picture taken November 3, 2018. REUTERS/Essam al-Sudani
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U.S. sanctions designed to push Iran's oil exports to zero come into force at midnight, but the hard line initially signaled by President Donald Trump is softening as the deadline approaches. With countries that have already cut their purchases to zero now being granted waivers to buy Iran's oil, the country's exports may well go up, not down, in November. With the November deadline looming, it became clear that buyers that agreed to reduce their purchases of Iranian oil might be able secure waivers from the sanctions.This week, it emerged that the U.S. has agreed to let eight countries keep buying Iranian oil. Under President Barack Obama, waivers lasted for six months and were renewed if countries had cut purchases by about 20 percent during that period.An increase in Iran's oil exports in the first month of sanctions isn't exactly the outcome Trump will have been hoping for.
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