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Saudi Arabia can meet Turkey’s possible oil shortage

Oil&Gas Materials 30 January 2012 14:28 (UTC +04:00)
Saudi Arabia signaled it can meet a possible shortfall in oil import in the countries, including in Turkey, due to U.S. and EU sanctions on Iran, Financial Times reports.
Saudi Arabia can meet Turkey’s possible oil shortage

Azerbaijan, Baku, Jan.30 / Trend A.Badalova /

Saudi Arabia signaled it can meet a possible shortfall in oil import in the countries, including in Turkey, due to U.S. and EU sanctions on Iran, Financial Times reports.

"What Saudi Arabia wants to see is a balanced market in oil," Saudi Arabia's Foreign Minister Saud al-Faisal said at a meeting between Turkey and the six countries of the Gulf Co-operation Council in Istanbul.

Turkey is one of the countries dependent on Iranian oil. According to the U.S. Energy Information Administration's (EIA) data, Turkey imported 182,000 barrels per day from Iran in the first quarter of 2011. During the mentioned period Iran amounted to 51 percent of Turkey's total oil import.

Last week the European Union formally imposed an oil embargo on Iran and agreed to freeze the assets of the Central Bank of Iran on Monday, but existing contracts will be honoured until July 1.

Earlier Saudi Arabia said that the country's oil output could be boosted to by around 2.6 million barrels per day, which is the same amount that Iran exports.

Meanwhile the Iranian OPEC governor said last week that it will keep the output ceiling unchanged despite the EU oil embargo on Iran.

Earlier this month Reuters reported with the reference to aware dsource that Turkey's refiner Tupras plans to meet Saudi Arabian authorities to learn the supply capacity ahead of (state oil company Saudi) Aramco's other clients.

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