U.S. President Trump says OPEC can increase production after the U.S. stops Iran’s sanctions exemption

U.S. President Trump said Monday that Saudi Arabia and other OPEC members could increase production after the end of the U.S. sanctions exemption against Iran by “exceeding” the supply gap created by the decline in Iranian oil exports to the global market after the end of the exemption.

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The Trump administration has decided to end a six-month exemption that allows some countries to buy Iranian oil without sanctions from the United States.

“Saudi Arabia and other OPEC Member States will overcompensate for the resulting global supply gap after we fully implement sanctions on Iranian oil exports,” Trump said on Twitter. “

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