The U.S. Administration expects that it will be able to persuade Iran’s oil customers to cut their crude imports from Tehran by as much as 1 million bpd, Bloomberg reports , citing two people familiar with the Trump Administration’s efforts to cut off Iranian oil supply. The forecast 1-million-bpd reduction would be equal to roughly half of the average Iranian oil exports over the past year, but well below the U.S. target of reducing the Islamic Republic’s oil sales to ‘zero’. Nevertheless, 1 million bpd of global oil supply choked off in early November would boost oil prices, analysts say. According to data compiled by Bloomberg, Iran’s oil exports have averaged 2.1 million bpd over the past year. Most analysts have estimated that the return of the U.S. sanctions would cut Iranian exports by between 500,000 bpd and 1 million bpd. In view of the persistent efforts of the […]