The Trump administration won't renew the waivers that let countries buy Iranian crude oil without facing U.S. sanctions, according to four people familiar with the matter, a move that could roil energy markets and risks upsetting major importers such as India and China.
Secretary of State Michael Pompeo will announce the decision on Monday morning, said the people, who asked not to be identified discussing a plan that hasn't been formally unveiled. The current set of waivers — issued to China, India, Japan, South Korea, Italy, Greece, Turkey and Taiwan — expire on May 2.
The administration also will announce commitments from other suppliers, including Saudi Arabia and the United Arab Emirates, that will offset the loss of Iranian crude on the market, according to two of the people.