The reports are confirmed
White House says 'decision is intended to bring Iran's oil exports to zero, denying the regime its principle source of revenue.' The statement also says the US, Saudi Arabia and the UAE 'have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market.'
I reported on a leak about this very early on after the market opened and far before the market reacted. Buying oil on it was a great start to the week for anyone who had the good fortune of seeing the news.
Looking ahead, the final part of the White House statement is the important part. How much extra is Saudi Arabia pledging to supply?
Secretary of State Mike Pompeo is scheduled to speak shortly.
