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The Port of Kharg Island Oil Terminal in the Persian Gulf in 2017. Photo: Fatemeh Bahrami/Anadolu Agency/Getty Images

Iranian Offshore Oil's CEO Hamid Bovard claims that Iran's oil production has not seen any reduction and the country has loaded crude oil for export, Bloomberg reports.

What's happening: U.S. sanctions have driven down Iranian oil exports, which were believed to be roughly 1.3 million barrels per day last month. It is unclear how well Saudi Arabia and OPEC can fill in the gaps as less Iranian oil enters the global market, CNBC reports.

Between the lines: President Trump is trying to tighten oil sanctions against Iran without raising energy prices enough to erode his political standing. The administration is not renewing sanctions waivers beyond early May for countries that still buy Iranian oil. The waiver announcement was a jolt to global crude oil markets as traders weighed the loss of more Iranian barrels.

Go deeper: How Trump’s push to end Iran oil exports could backfire

Go deeper

Capitol review panel recommends more police, mobile fencing

Photo: Olivier Douliery/AFP via Getty Images

A panel appointed by Congress to review security measures at the Capitol is recommending several changes, including mobile fencing and a bigger Capitol police force, to safeguard the area after a riotous mob breached the building on Jan 6.

Why it matters: Law enforcement officials have warned there could be new plots to attack the area and target lawmakers, including during a speech President Biden is expected to give to a joint session of Congress.

Financial fallout from the Texas deep freeze

Illustration: Annelise Capossela/Axios

Texas has thawed out after an Arctic freeze last month threw the state into a power crisis. But the financial turmoil from power grid shock is just starting to take shape.

Why it matters: In total, electricity companies are billions of dollars short on the post-storm payments they now owe to the state's grid operator. There's no clear path for how they will pay — something being watched closely across the country as extreme weather events become more common.

U.S. Chamber decides against political ban for Capitol insurrection

A pedestrian passes the U.S. Chamber of Commerce headquarters as it undergoes renovation. Photo: Andrew Harrer/Bloomberg via Getty Images

The U.S. Chamber of Commerce revealed Friday it won't withhold political donations from lawmakers who simply voted against certifying the presidential election results and instead decide on a case-by-case basis.

Why it matters: The Chamber is the marquee entity representing businesses and their interests in Washington. Its memo, obtained exclusively by Axios, could set the tone for businesses debating how to handle their candidate and PAC spending following the Jan. 6 Capitol attack.