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February 27, 2012 3:55 pm

Europe to Cut 33% of Daily Iran Oil Imports

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Arc de Triomphe in Paris, France. Photo: wiki commons.

Ynet – The Iranian oil embargo is underway: Iran is struggling to find buyers for its crude, with top Asian consumers seeking to cut purchases as tightening US sanctions make it difficult to keep doing business with the OPEC producer.

On January 23, the European Union formally adopted an oil embargo against the Islamic Republic, as part of sanctions meant to pressure the country to resume talks on its nuclear program.

The boycott is set to commence in July, but Tehran’s European customers are already beginning to walk away from Iranian oil, saying that they will reduce flows to the continent in March by more than a third – or over 300,000 barrels daily.

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