BREAKING NEWS

Europe cutting Iran oil purchases by 75,000 barrels per day

By REUTERS

APRIL 18, 2012 16:55

LONDON - Iran's oil buyers in Europe are progressively cutting volumes in advance of a European Union ban on Iran crude from July 1 and have reduced their April purchases by 75,000 barrels per day (bpd), industry sources said onWednesday. Tehran in 2011 supplied more than 500,000 bpd to the EU plus 200,000 bpd to Turkey. Its supply to the EU fell to about 425,000 bpd in March and is down a further 75,000 bpd in April, according to industry sources and Reuters calculations. "People are trying to diversify their supplies and to prepare for July," said a trader at a European oil company no longer buying Iranian crude.

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