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Turkey steeply cuts Iran crude imports -source
http://www.reuters.com/article/2012/06/05/turkey-iran-crude-idUSL5E8H50US20120605
Turkey has steeply cut oil imports from Iran in May and June, a source at the country's sole refiner told Reuters, <b> to avoid U.S. sanctions after official trade data showed stubbornly high imports in April. </b>
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.
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 tonnes in crude supplies from Iran.
http://www.reuters.com/article/2012/06/05/turkey-iran-crude-idUSL5E8H50US20120605
Turkey has steeply cut oil imports from Iran in May and June, a source at the country's sole refiner told Reuters, <b> to avoid U.S. sanctions after official trade data showed stubbornly high imports in April. </b>
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.
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 tonnes in crude supplies from Iran.