EU advisor: European weakened countries turn to Iranian oil
Azerbaijan, Baku, Nov. 14 / Trend D.Khatinoglu/
Some European economic-suffered countries have faced to Iranian oil, Europe Union's economic adviser Mehrdad Emadi-Moghadam told Trend.
Some European countries, including Greece and Italy, have increased Iranian oil import, but they are buying crude on credit, Dr Mehrdad Emadi-Moghadam from Staffordshire University in England. "The amount of payments for oil imports from Iran remains unchanged, which means settlements are not made in cash," he stressed.
Iran has increased oil exports to both Italy and Greece since May 2011, but this increase has not reflected in the amount of payments.
"We have a report about Iran's oil export in August indicate that Iran has offered three-fold special cut in oil prices for European countries this year.
Earlier, Reuters reported that Greece is relying on Iran for most of its oil as traders pull the plug on supplies and banks refuse to provide financing for fear that Athens will default on its debt.
Traders said to Reuters that Greece has turned to Iran as the supplier of last resort despite rising pressure from Washington and Brussels to stifle trade as part of a campaign against Tehran's nuclear program. "Lack of bank financing has forced Greece to stop purchasing crude from Russia, Azerbaijan and Kazakhstan in recent months".
Emadi-Moghadam said Iran sold 240,000 barrels of oil in May and was preparing to sell another 240,000-oil cargo to Greece a week after.
According to OPEC's report published in May, Iran's average oil export was 2.246 million barrels of oil a day, including 764,000 barrels exported to European countries in 2010.