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UPDATE 3-Oil prices hit 2019 highs after U.S. says to end all Iran sanction waivers
* Iran's main oil buyers initially received sanction exemptions
* U.S. reiterates its goal to cut Iran oil exports to zero
* Market amply supplied to cope with sanctions -analysts (Adds Bernstein comment, graphic; updates prices)
By Henning Gloystein
SINGAPORE, April 23  - Oil prices hit 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran.
Despite the move by Washington, analysts said global oil markets would be able to cope with the Iran disruption as there was enough spare capacity from other suppliers.
The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers, most of them in Asia, to continue importing limited volumes. the reimposition of sanctions last year, Iran was the fourth-largest producer among the Organization of the Petroleum Exporting Countries (OPEC) at around 3 million barrels per day (bpd), but April exports have shrunk to below 1 million bpd, according to ship tracking and analyst data in Refinitiv.
The U.S. government has this year repeatedly said it wants to cut Iran's oil exports below 1 million barrels per day (bpd) or even to zero, and that new action would be taken by May. many analysts expected Washington to show more tolerance towards importers most exposed to Iran.
Barclays (LON:) bank said in a note following the announcement that the decision took many market participants by surprise and that the move would "lead to a significant tightening of oil markets".
The British bank added that Washington's target to cut Iran oil exports to zero posed a "material upside risk to our current $70 per barrel average price forecast for Brent this year, compared with the year-to-date average of $65 per barrel". move to increase pressure on Iran came amid other sanctions Washington has placed on Venezuela's oil exports, and also as producer club OPEC has led supply cuts since the start of the year aimed at tightening global oil markets and propping up crude prices.
© Reuters.  UPDATE 3-Oil prices hit 2019 highs after U.S. says to end all Iran sanction waivers

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