With US waivers expired, Iranian crude is likely to quickly fade from the world market and, while replacement barrels are coming, they may not arrive for months, the US Energy Information Administration said Tuesday. Receive daily email alerts, subscriber notes & personalize your experience. Register Now In its May Short-Term Energy Outlook, EIA said that Saudi Arabia, the UAE, Kuwait and Russia will all boost oil production to compensate for the loss of Iranian crude. In addition, US production will continue to climb, reaching a record 13.38 million b/d in 2020, a 350,000 b/d increase from last month’s forecast. “These crude oil supply responses, however, will take several months to materialize completely, whereas the disruption from Iran is likely to occur within weeks,” the EIA said in its report. The US last week let sanctions waivers expire for Iran’s biggest oil buyers, part of an effort to […]