China's crude oil imports from Iran, the March volume rose 6.2% from February on a barrels-per-day basis, despite dropping by a quarter from the same month of last year.

"Not extending the oil waivers of some countries is another side of the US measures against Iran. But if Iran's oil is fully sanctioned, oil price will go higher than $100 per barrel,"

Iran’s economy shrank by 3.9 percent last year, according to IMF estimates, and is expected to shrink by 6 percent in 2019, Jihad Azour, director of the IMF’s Middle East and Central Asia department, told Reuters adding, however, that the projection preceded the latest elimination of waivers.

The International Energy Agency is monitoring developments in global oil markets, and notes that markets are now adequately supplied, and that global spare production capacity remains at comfortable levels.

OPEC is due to meet in June, where the Iran question will no doubt be raised. But oil and gas leaders are taking a cautious approach, with Kuwait's oil minister Khaled Al Fadhel noting that a decision would be taken only after a review of oil prices.

China is resolutely opposed to the United States enforcing unilateral sanctions or “long armed jurisdiction”, Geng Shuang, a ministry spokesman, told a daily news briefing.

Oil futures settled at fresh six-month highs Monday as the market looked at an increasingly tight global supply picture in light of the White House decision. ICE June Brent settled up $2.07/b at $74.04/b, and NYMEX May WTI settled $1.70/b higher at $65.70/b. Monday marked the highest front-month settle for both contracts since late October, just before the US sanctions snapped back.

REUTERS - India imported about 5 percent more oil from Iran in the last fiscal year through March as companies raised purchases ahead of U.S. sanctions against Tehran from November, preliminary tanker arrival data obtained from shipping and industry sources showed.

PLATTS - Iranian oil exports, which have been laboring under US sanctions since late last year, have recovered close to prior levels, supported by unflinching demand from China and South Korea, data from shipping sources and provisional tanker tracking data showed Tuesday.

Iranian Minister of Petroleum Bijan Zangeneh said the country’s gas production capacity from the supergiant South Pars gas field would cross 750 million cubic meters per day by late 2019.