...

Major importer of Iranian oil to replace it with Saudi Arabian oil

Oil&Gas Materials 19 April 2012 15:11 (UTC +04:00)

Azerbaijan, Baku, April 19 / Trend, A.Taghiyeva /

The Engen Petroleum Company (South Africa), which is major importer of Iranian oil, has decided to stop buying oil from the country, partially replacing it with oil from Saudi Arabia, the Al-Quds Al-Arabi newspaper reported on Thursday.

According to the report, South Africa will replace most of the Iranian oil with Saudi oil and buy the rest on the spot market, mainly from West Africa.

Saudi Arabian Oil Minister Ali al-Naimi said earlier that the country will increase oil production to 10 million barrels per day in April compared to 9.9 million barrels in March. He said oil production in the country will reach a record level

The foreign ministers of 27 EU countries approved an embargo on oil supplies from Iran on Jan. 23, accusing Tehran of unwillingness to comply with international requirements and clarify several issues on the national nuclear programme. The new package of sanctions envisages that by July 1 all members of the EU buying oil from Tehran will have to cut imports from that country.

Along with the EU, Malaysia also refused to buy Iranian oil, while Japan, China and India have sharply reduced supplies, replacing them with oil from the Persian Gulf's Arab countries.

Latest

Latest