Iran oil to Europe difficult to replace: Opec
Doha, December 7, 2011
Iranian oil supplies to Europe would be difficult to replace if a ban supported by some European Union states were to be imposed, Opec's secretary general said on Wednesday.
"I really hope that there will be no embargo from the EU, but it is their decision," Abdullah Al-Badri said. "It would be very difficult to replace."
EU members import around 450,000 barrels per day (bpd) of Iranian oil, about 18 per cent of the Islamic Republic's exports.
Badri said Europe as a whole, a region that includes non-EU countries such as Turkey, imported as much as 865,000 bpd of Iranian oil.
"The EU is facing some difficulties as far as sovereign debt and unemployment (are concerned) so to cut 865,000 bpd immediately would be a problem," he said. "I don't really advise against it but at the end of the day it is the EU's decision." – Reuters
More Energy, Oil & Gas Stories
- Iranian oil import surges to one-year high
- Egypt will get oil aid from Arab states
- New technology for Bahrain's gas industry to save $300m
- Innovations key focus at Geoscience expo
- Iran seals gas export deal with Oman
- Total unit inks Elf Lubricants agreement
- Opec raises forecast for 2014 global oil demand
- Mitsui joins DME as trading member
- GE Power Conversion wins major SEC order
- Basra Light crude exports to rebound in April
- Aramco to produce unconventional gas for projects
- Alstom opens smart grid centre in Dubai
- Experts discuss key geosciences issues
- Egypt to permit factories to use coal for energy
- ME oil, gas transaction value up 15pc
- Victrex to showcase new product in Paris
- Aramco JV puts off giant refinery overhaul to 2015
- Libya threatens to bomb N Korean tanker
- Bahrain 'producing 850MW of surplus power'
- 2,000 experts for Bahrain geosciences summit
- Libyan rebels start oil exports, bypassing govt
- Dubai drilling company set for London IPO
- Opec output soars on higher Iraq exports
- S Korea to pay Iran $550m under nuke deal
- Qatar LPG exports will stay unchanged till 2018
- $14bn Bahrain energy sector focus for summit
- Iraq now world's fastest-growing oil exporter
- Old IT systems pose risk to oil firms
- Thomson Reuters adds commodity monitoring tool
- Oil below $90 to hit GCC economies