Wednesday, 6 June 2012

The Latest from Iran (6 June): The Oil Squeeze

0440 GMT: We begin on the economic front with yet another pointer to the tightening squeeze on Iran over its oil exports. Turkey, a leading trade partner of Tehran, has slashed its imports of Iranian crude in May and June.

Turkey had purchased 270,000 barrels per day of Iranian oil in March and 249,000 bpd in April. However, the flow fell to 142,000 bpd in May and will remain at that level this month.

Turkey accounted for 7%  of Iran's crude oil exports in 2011. In the first four months of this year, Turkey obtained about 58% of its almost six million tonnes in crude from the Islamic Republic

The European Union's ban on Iranian oil imports begins on 1 July. Turkey has applied to become an EU member but is not yet bound by its decisions.

EU imports of Iranian crude fell in April to around 350,000 bpd compared to more than 700,000 bpd at the same point last year.

from EA WorldView: EA Iran

Posted via email from lissping