The U.S. has decided not to extend waivers that let countries buy Iranian oil after they expire on May second.

The White House said in a statement on Monday that President Donald Trump decided not to reissue the Significant Reduction Exceptions(SREs).

It added the decision is intended to bring Iran’s oil exports to zero, denying the regime its principal source of revenue.

The statement also said the U.S., Saudi Arabia and the United Arab Emirates, three of the world’s great energy producers, along with their allies, are committed to ensuring that global oil markets remain adequately supplied.
 
U.S. Secretary of State Mike Pompeo said the U.S. will continue sanctions and maximum pressure against Iran until it returns to the negotiating table. 

Meanwhile, Trump tweeted that Saudi Arabia and others in the Organization of the Petroleum Exporting Countries(OPEC) will make up for the oil flow difference. 

Last year, the Trump administration granted six-month waivers to eight countries, including South Korea, after the U.S. withdrew from a 2015 nuclear deal with Iran and reimposed tough sanctions on Tehran.