The result has been a sharp increase in prices, which has been broadly welcomed by OPEC members, especially Saudi Arabia, which needs the revenues to pay for its ambitious transformation programme.
"Could it be really in (Iran's) interest today to sign as much as Saudi-led Russian deal to expand these cuts?"
The administration hopes to submit a final agreement with Saudi Arabia for congressional approval by mid-June.
Saudi Arabia, the United Arab Emirates (UAE) and Bahrain swiftly backed U.S. President Donald Trump's decision to reimpose sanctions on Iran.
As Politifact noted, President Trump has repeatedly criticized the deal - during the presidential campaign and while president of the United States - so the decision to leave the agreement does not come as a surprise.
Saudi Arabia is now pursuing a nuclear program for what it claims to be energy purposes.
"People shouldn't take it for granted that Saudi Arabia will produce more oil single-handedly". Saudi Arabia has resisted making a similar unconditional pledge.
To secure an agreement with the United States that will pass Congress, the Saudis may agree on a moratorium on enrichment and reprocessing.
At an Arab League summit last month hosted by Saudi Arabia, the country's King Salman said the regional body agreed to "renew our strong condemnation of Iran's terrorist acts in the Arab region and reject its blatant interference in the affairs of Arab countries".
Trump said on Tuesday that the 2015 nuclear deal, which lifted sanctions on Iran in return for measures restricting its nuclear programme, did not go far enough in removing the threat posed by Tehran to the US and its allies in the Middle East.
The cross-border attack by the Iran-allied rebels, known as Houthis, came amid mounting regional tensions after U.S. President Donald Trump chose to withdraw from the landmark 2015 nuclear agreement with Tehran. Under such a situation, Iran may decide that its main reason for joining the deal, namely economic recovery through foreign investments, can not be achieved, and withdraw from the deal.
"Every couple of days, we have missiles coming from Yemen and we see evidence that they are made by Iran ..."
Riyadh stressed that it backs Trump's future actions on Iran, reiterating its accusations against Tehran of destabilizing the region and supporting terroris.
"Iran's exports of oil to Asia and Europe will nearly certainly decline later this year and into 2019 as some nations seek alternatives in order to avoid trouble with Washington and as sanctions start to bite".