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During a visit to Madrid on Tuesday, Russian Foreign Minister Sergei Lavrov said the US decision to re-impose sanctions on Iran was "not legitimate" and that the rest of the parties to the 2015 nuclear deal abandoned by Washington are working to make economic cooperation with Tehran possible. Russia, the United States and Saudi Arabia combined produced more than 33 million bpd for the first time in October, enough to meet more than a third of the world's nearly 100 million bpd of crude oil consumption. India's top oil supplier is Iraq, followed by Iran and Saudi Arabia.

US National Security Advisor John Bolton claimed that the nuclear deal with Iran failed to "permanently block all paths to an Iranian nuclear bomb".

Trump is targeting Iran's main source of revenue - its oil exports - as well as its financial sector, essentially making 50 Iranian banks and their subsidiaries off-limits to foreign banks, on pain of losing access to the United States financial system. They're the strongest sanctions we've ever imposed.

The U.S. restored sanctions on Iran's oil industry this week that had been lifted under the 2015 nuclear accord, which President Donald Trump withdrew from in May. Iran can only use this money for humanitarian trade or bilateral non-sanctioned goods, the Secretary of State asserted. "It will be gradual", the USA president said. "But on oil, we want to go a little bit slow because I don't want to drive the oil prices in the world up", Trump told reporters at Joint Base Andrews outside Washington on Monday before leaving on a campaign trail for the mid-term polls being held today.

Mr Pompeo said more than 20 countries have already cut their oil imports from Iran, reducing purchases by more than 1 million barrels per day.

Despite being granted a waiver, Turkey's president has criticized the resumption of sanctions on Iran calling it a destabilizing step.

Asked about Turkey's "roadmap" for when the temporary waiver is lifted, Erdogan recalled Turkey's dependence on oil and natural gas imports and said he can not allow his citizens to "freeze in winter". However, fears of a supply shortage have been eased by the Trump administration's temporary waivers for China and India and stronger oil output from Saudi Arabia and the United States, CNN reported.

Iran's oil exports rose sharply after the previous round of sanctions were lifted in early 2016.

"In May, President Trump had pulled the United States out of the 2015 landmark JCPOA terming it as disastrous".

Iranian Foreign Minister Mohammad Javad Zarif late Monday in a tweet called the re-imposition of sanctions a desperate move and said they target ordinary Iranians.

Another entry was Iran's Tat Bank, which closed in 2012.

U.S. Secretary of State Mike Pompeo said the sanctions already had cost Iran the sale of over 1 million barrels of crude oil a day.

In October, Iran's crude exports were estimated at 1.82 million bpd by Kpler and 1.5 million bpd by another firm that monitors Iranian shipments. "The market was previously overly focused on the number of countries receiving exemptions on imports from Iran".