U.S. Treasury Secretary Steven Mnuchin warned this weekend that countries importing Iranian crude that want to continue importing it will need to reduce their intake of Iranian crude by more than 20 percent to win a sanction waiver. In an interview with Reuters, Mnuchin also said “Oil prices have already gone up, so my expectation is that the oil market has anticipated what’s going on in the reductions. I believe the information is already reflected in the price of oil.” The 20-percent reference number is the reduction in Iranian oil imports that the Obama administration required in the previous round of sanctions to provide waivers. Mnuchin did not say exactly how deep the cuts would need to be now, saying only that he “would expect that if we do give waivers it will be significantly larger reductions.” The official also said he was confident of the success of the […]