Turkey steeply cuts Iran crude imports: source

[Ottoman-Turk]

Iran sells one of the most expensive oil , so why buy for so expensive

 

[BLACKEAGLE]

Iran is like a plane flying hijacked passengers to the unknown. The passengers should do sth to stop those crazy pilots. To be honest, I don't think ordinary Iranian people should get part of the punishment, but they get to do sth. How should the world stop those hijackers without shooting down the plane?

 

[tesla]

according to hurriyet turkiye to buy oil from Libya approximately 1 million ton in addition turkiye has started negotiations with Saudi Arabia for a long-term contract

 

[Redbull]

Why couldn't this happen to the Jewish kingdom. Most of these plumbs don't deserve to be blessed with black gold.

 

[what]

I don't believe that "black gold" is a blessing, more like a plague for most countries, as it leads to either US-intervention (coups, etc) or a corrupt government/society.

 

[Cheetah786]

Turkey has steeply cut oil imports from Iran in May and June, a source at the country’s sole refiner told Reuters, to avoid U.S. sanctions after official trade data showed stubbornly high imports in April.

Lower imports from Ankara will add pressure on Tehran which is struggling to sell oil as the West expands sanctions to persuade Iran to abandon its nuclear program.

A sharp drop in crude prices in May below $100 a barrel

is a further blow for Tehran which is heavily dependent on oil revenues.

The EU will join the United States in imposing a total ban on imports of Iranian oil from July.

Turkey, the world’s fifth largest buyer of Iranian oil, pledged in March to cut imports by 20 percent in a move similar to Iran’s Asian customers such as Japan and South Korea.

Turkey’s only crude buyer, refiner Tupras, has a term contract with Iran that expires in August allowing it to lift 180,000 bpd.

However, according to official trade data it bought an unusually high 270,000 bpd of Iranian crude in March and fresh data for April showed imports at 249,000 bpd.

A source at Tupras said volumes have in fact been much smaller as April data included some purchases made in March.

He added that if counted by loading dates, April imports have been just 107,000 bpd and in May they amounted to 142,000 bpd.

“The plan for June is the same -- 142,000 bpd,” the source said, adding that the company planned to keep its imports at around 80 percent of contracted volumes after July.

“We are abiding by our declaration from the end of March. We’re aiming to continue in July in line with June,” he said.

Most European refiners have gradually stopped lifting Iranian crude ahead of the EU embargo. From July 1 Turkey will remain effectively the sole buyer of Iranian crude in Europe.

EU imports of Iranian crude fell to around 350,000 bpd in April from over 700,000 bpd last year, trade data compiled by Reuters showed.

Turkey accounted for 7 percent of Iran’s crude oil exports in 2011, according to the U.S. Energy Information Administration.

Official trade data shows that in the first four months of this year, Turkey got about 58 percent of its near 6 million tons in crude supplies from Iran.
Iraq, its second biggest supplier, trailed far behind with 743,537 tons, or 45,000 bpd in the first four months.

Other suppliers were Libya, Nigeria, Saudi Arabia, Russia, Azerbaijan and Kazakhstan. In 2011, Iran provided more than half of Turkey’s total crude imports at just over 18 million tons.

The Obama administration said on Monday seven more economies would be exempt from its Iran-related sanctions that come into force at the end of the month, but left open the prospect that China could still face sanctions.

The state department said that Turkey, India, Taiwan, South Korea, Malaysia, South Africa and Sri Lanka had all reduced purchases of Iranian oil by enough to be given a six-month exemption from the sanctions, which come into operation on June 28.

Japan and 10 European countries have already been awarded an exemption.

More nations exempt from Iran sanctions - FT.com

Sounds More like countries told the Americans where to go and now face savings they are exempting the nations LOL.

A sharp drop in crude prices in May below $100 a barrel is a further blow for Tehran which is heavily dependent on oil revenues.

Saudis were selling Americans 10/Brl to keep the master happy and we all no Saudis aren't dependent on oil at all.so almost no Revenue from US and 10/brl is less then what it cost to produce plus less revenue from rest of the world.

Saudis are cutting the branch they are sitting on claiming after the branch falls it will hurt Iran .

shhhhhhhhhhhhhh people please don't tell them all Nations are exempt from importing Iranian oil