Report: China, India, South Africa ask Iran for more oil

Iran Materials 23 January 2012 17:16 (UTC +04:00)

Azerbaijan, Baku, Jan. 23/ Trend M. Moezzi /

As EU ministers voted to boycott Iran's oil today, a look at Iran's oil export information shows that it will not be affected much by the new sanctions, Fars news agency reported.

Iran's supplies represent 100 percent of Sri Lanka's oil, 51 percent of Turkey's oil, 25 percent of South Africa's oil, 14 percent of Greece's oil, 13 percent of Italy's oil and Spain's oil, 11 percent of India's oil and China's oil and 10 percent of Japan's oil and South Korea's oil.

The breakdown of Iran's oil customers shows that an oil embargo against Iran would only succeed in driving up global oil prices, affecting Greece, Italy and Spain. Their economies are among the worst ones in Europe.

Meanwhile South Africa, China and India have asked to increase their oil imports from Iran.

The approved sanctions are sure to be followed by higher demands for Iran's oil.