Friday, 11 November 2011

Greece Buying More Oil from Iran

Given the Greek financial mess, one wonders who is selling oil to Greece. Here is a story from Reuters about where Greece is buying oil.

"More than two dozen European traders contacted by Reuters at oil majors and trading houses said the lack of bank financing has forced Greece to stop purchasing crude from Russia, Azerbaijan and Kazakhstan in recent months.

Greece, with no domestic production, relies on oil imports and in 2010 imported 46 percent of its crude from Russia and 16 percent from Iran. Saudi Arabia and Kazakhstan provided 10 percent each, Libya 9 percent and Iraq 7 percent, according to data from the European Union.

"They are really making no secret when you speak to them and say they are surviving on Iranian stuff because others will simply not sell to them in the current environment," one trader in the Mediterranean said."

Imports of Iranian oil into the US are subject to sanctions but oil imported from Iran is fully legal in Europe and Asia.

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