The United States has urged buyers of Iran’s oil to stop purchasing the nation’s oil from May or face the risk of sanctions. This marks the end of a 6-month waiver that had allowed Iran’s top 8 buyers to purchase oil from Iran in limited volumes.
Saudi Arabia has supported the move by the United States to impose sanctions on any country still buying oil from Iran thereby ending all waivers given to Iran and also affirmed its commitment to meet all oil commitments from nations placing orders from Tehran.
Iran has responded saying it is a member of the OPEC and that it will not keep quiet as other members of the OPEC threaten its interests and has warned the possibility of OPEC collapse due to what it calls “unilateral actions” by some members, silently referring to Saudi Arabia.
The OPEC secretary-general in a statement has said that “OPEC tries to depoliticize oil”.