WASHINGTON, April 22 (Yonhap) -- U.S. President Donald Trump has decided not to extend waivers for imports of Iranian oil by South Korea and other countries, the White House said Monday.
South Korea, which relies heavily on Iranian condensate to produce petrochemical products, had been in negotiations with the U.S. to gain an extension to the waiver that expires May 3.
The White House said in a statement that the decision is "intended to bring Iran's oil exports to zero, denying the regime its principal source of revenue."
The U.S. issued the waivers to eight economies, including South Korea, in November, after it reimposed sanctions on Tehran following its withdrawal from the Iran nuclear deal.
The U.S., Saudi Arabia and the United Arab Emirates, three of the world's largest energy producers, are committed to ensuring that global oil markets remain "adequately supplied," the White House said.
"We have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market," the statement said.
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