France Moots Iran Oil Ban

(Reuters) John Irish and Marie Maitre - France's foreign ministry on Thursday first suggested and then back-tracked on the imposition of a unilateral ban on oil from Iran, making clear it would only act as part of an EU-wide plan. Foreign Ministry spokesman Bernard Valero said: "The interruption of Iranian oil purchases is among the measures proposed by France to its partners." While most of Iran's oil goes to Asia, it still supplies significant volumes to Europe via the Suez Canal. Europe saw a big drop in crude supplies from Libya when civil war broke out this year but Libyan deliveries are rising again now. U.S. government data shows EU countries accounted for 18% of Iranian oil purchases in the first half of 2011. Italy purchased 180,000 bpd, Spain took 137,000 bpd and France 20,000 bpd.

2011-11-25 00:00:00

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