Turkey To Reduce Oil Imports From Iran

Turkey announced today that it will reduce its oil imports from Iran by 10 percent. Turkey is Iran’s fifth largest oil purchaser and previously would not commit to cutting Iranian crude imports. Turkey’s Energy Minister Taner Yildiz said the country will replace the oil with supplies from Libya. “We plan to increase the number and the route of countries we buy oil from,” Yildiz said. While a European Union oil embargo of Iran is set to take effect in July, in a separate move today, President Obama announced new sanctions on foreign banks that continue to purchase Iranian oil. The AP notes that the “State Department announced that it would grant waivers to 10 European Union countries and Japan because of steps they have already taken to cut back on Iranian oil.”