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European Oil Refiners Halt, Reduce Imports of Iranian Crude

Written: 2012-02-17 12:20:08Updated: 2012-02-17 14:06:59

European Oil Refiners Halt, Reduce Imports of Iranian Crude

European oil companies are halting or reducing imports of crude oil from Iran before the the EU places sanctions on the Middle Eastern nation in July.

French oil company Total SA has severed its imports of Iranian crude, while Royal Dutch Shell, Greece’s Motor Oil and Spanish-based Cepsa have reduced their imports.

Sources say the European oil refiners have started to replace Iranian crude oil with imports from Saudi Arabia, Iraq and Russia.

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