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Listen: US sanctions on Iranian crude exports set to snap back

The global crude oil market is in the final countdown before US sanctions on Iranian crude exports snap back on Monday. The US is expected to announce potential waivers from sanctions as soon as Friday, but what countries may get them?

Amos Hochstein, a senior vice president with Tellurian and the former US special envoy for international energy affairs at the US State Department, talks about the likelihood of waivers for South Korea, India and Japan and the difficulties in getting China to cooperate with sanctions as a trade war rages. Hochstein believes that despite the Trump administration's push to get Iranian crude exports to zero, they will find that exports will drop to about 800,000 b/d to 1.1 million b/d and remain there, although it is not clear for how long.

Paul Sheldon, chief geopolitical adviser with S&P Global Platts Analytics, also stops by to discuss the likely price impact of the reimposed Iran sanctions.